Source item
Open original source ↗Possible scenarios (ranked in order):
1/ Your country makes the best cheapest products. You export, and your citizens also buy the best.
2/ Your country doesn’t make the best/cheapest; but your consumers enjoy them (Brazil below).
3/ Your country doesn’t make the cheapest/best AND your country blocks access to your market. So you pay more for worst products, and you don’t export. Plus your local companies become less globally competitive as they are protected.
#3 is the worst. It’s what Europe did when America thrived. And it’s what many in Washington recommend today.
Quoted context
These are the quoted author’s words.
The Economist: “Brazilians are going gaga for Chinese brands…Affluent Brazilians drive cars made by BYD, use phones made by Huawei, watch televisions produced by Hisense, order meals with 99Food, a delivery app, and shop online at Shopee.” https://t.co/OJQNWxBZnT
JChengWSJ ↗