Trade Barriers Cripple Global Economy, Stifle Recovery After Financial Crisis
The financial crisis from 2007-2009 led to slow global economic growth. Researchers looked into why global trade growth has been weak. They found that more countries are using non-tariff barriers like regulations and subsidies to limit trade. These barriers harm trade more than traditional tariffs. During and after the financial crisis, the number of technical barriers and health/safety requirements for products went up. While tariffs decreased slightly, non-tariff barriers increased a lot faster. Reports show that trade restrictions have a bad impact on international trade. The rise in non-tariff barriers could be a big reason why global trade growth has been slow.