Protectionism Fails to Halt Global Trade Collapse During 2008 Crisis
The study looked at how countries changed their trade policies during the 2008 financial crisis. They checked if countries used higher tariffs or other methods to protect their industries. Results showed that while some countries increased tariffs on certain products, many didn't make major changes after the crisis. Countries like Malawi, Russia, Argentina, Turkey, and China raised tariffs more significantly. In contrast, the US and the EU focused more on anti-dumping measures. Even though tariffs and anti-dumping duties caused a drop of around $43 billion in global trade, it only explained a small part of the overall trade decrease.