Social Sciences
5 years ago

Trade Wars Threaten Global Economy, Spark Protectionist Backlash

RePEc: Research Papers in Economics
Trade policy of the United States and China in the new era of trade wars: macroeconomic and behavioral approach
Wanda Dugiel, Magdalena Miko ajek-Gocejna

Paper Summary

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The article analyzes why the US and China are in a trade war, looking at economic and behavioral reasons. It uses data on trade, tariffs, GDP, and industries. The US is protecting its economy, while China is responding with tariffs. The trade conflict could impact production, prices, and social policies in the US by 2020. The study suggests that controlled retaliation and China's concessions may prevent a global trade war.