Americans' understanding of tariffs appears limited, with only 27 percent feeling very confident about their knowledge of the trade policy tool. This lack of awareness comes at a time when tariffs have become a significant topic in U.S. economic discussions, particularly in relation to international trade relations and domestic industry protection. Potential impact of proposed tariffs Despite the public's uncertainty, proposed tariffs could have far-reaching effects on the U.S. economy. If implemented, certain proposals could increase the average tariff rate on dutiable imports to nearly 18 percent, a substantial rise from the two percent rate in 2024. Such changes would not only affect dutiable goods but also impose taxes on previously duty-free imports, potentially leading to a sharp increase in the overall tariff burden. Estimates suggest that imposing tariffs on Mexico, Canada, and China could increase federal tax revenue by approximately 106 billion U.S. dollars, equivalent to 0.35 percent of the nation's GDP.

Interest-Income Time Series for Meorient. Zhejiang Meorient Commerce Exhibition Inc. provides convention and exhibition services. Its exhibitions include Home life series of exhibitions, which covers furniture, household appliances and consumer electronics, household textiles, fabrics and clothing, household products and decoration materials, household lighting and lighting, household food and materials, etc.; the Machinex series of exhibitions are mainly for industrial machinery industries that covers plastic machinery, printing and packaging, food processing, hardware and auto parts, electric power and new energy, welding and cutting, elevators and parts, etc.; and TradeChina Digital Exhibition. The company provides consulting services covers various dimensions, such as trade, investment and financing, local think tanks, and inward investment to Chinese companies and local governments. In addition, it offers foreign market research and project feasibility analysis report; foreign legal, tax, and business negotiations; foreign project landing and business management; foreign policy guidance and public relations handling; collaborative relationship coordination and rights protection; business team building and international business training; and investment and financing services for foreign projects. Further, the company focuses on organizing large-scale brand showcase trade fairs, high-end forums, conferences, seminars, and other customized events. It organizes exhibitions in 13 countries, including Africa, Mexico, Poland, the United Arab Emirates, Japan, Indonesia, Vietnam, Turkey, Brazil, Egypt, Kazakhstan, Jordan, Mexico, India, Nigeria, Kenya, and Iran. Zhejiang Meorient Commerce Exhibition Inc. was incorporated in 2010 and is headquartered in Shanghai, China.

The education income raised from Chinese students studying in Australia has increased steadily over the past six years and was valued at around 12 billion Australian dollars in financial year 2019. China remains the largest contributor to Australia's international education export industry despite the restrictions on global travel due to the novel Coronavirus (COVID-19) in 2020.

Chinese education export crucial to the Australian economy

Education is one of Australia’s most valuable exports and in 2019 the income generated from international students alone was worth 37.6 billion Australian dollars. Many of Australia’s leading universities rely heavily on income from international students, with the percentage of international students at some universities being over 40 percent. Chinese students represented the largest proportion of overseas students, generating almost a third of Australia’s total international education income. By comparison, Indian students, the next most valuable international student group to the Australian economy brought in less than half the education export income of their Chinese counterparts in 2019.

Uncertainty in 2020

The education sector was one of the first Australian industries to feel the effects of the novel Coronavirus (COVID-19) outbreak in China in late 2019. From early February, 2020, shortly before the Australian school and university year was to begin, the Australian government placed a travel ban on travelers from China. This travel ban meant that many Chinese students were unable to be in the country to start their studies at schools, universities, and vocational colleges in Australia. Furthermore, internet censorship policies in China made it difficult for universities to stream lectures and offer online courses for students in China.