Suppose China decides to pay large subsidies to any Chinese company that exports goods or services to the United States. As a result, these companies are able to sell products in the United States at far below their cost of production. In addition, China decides to bar all imports from the United States. The dollars that the United States pays to import Chinese goods are left in banks in China. Will this strategy raise or lower the standard of living in China? Will it raise or lower the standard of living in the United States? Briefly explain. Be sure to provide a definition of "standard of living" in your answer.