18. "Trade war - is it world war three?"
Many Yolngu saw the President of the United States and China arguing on TV over trade wars and were very confused. Were they talking about World War 3? And what does this English word trade mean? Yolngu have a direct translation for the word trade in their own language but many Yolngu have now lost the knowledge of their traditional national and international trade carried out by their forefathers. Their whole economy was destroyed when the South Australian government stopping Macassan trade into Australia in 1906. So today many Yolngu are economically and business illiterate. Good conversation is needed around world trade and how all nations of the world are dependent upon good trading relationships with each other to become wealthy. This conversation covers trade deficits and President Trumps attempts to level out these deficits by applying taxes to incoming trade from China. This creates a trade barrier. Free trade agreements are also discussed. Questions are asked whether a trade war will escalate or not.
There are 4 stories in this podcast. Please see time stamps below-
- What are Donald Trump and China arguing about? What is trade and trade war? – 00:00
- We are confused – What is this trade war about? – 12:54
- Donald Trump – What is his plan around this Trade War? – 28:13
- How are China and the USA going to solve this problem? Need to know more about tax. – 42:32