A trade war signifies an economic conflict where nations impose tariffs and other trade barriers on each other, often in retaliatory cycles. This global...
A trade war is an economic conflict where countries impose tariffs or other trade barriers on each other, often in retaliation, aiming to protect domestic industries or gain a strategic advantage.
Common causes include perceived unfair trade practices, large trade deficits, a desire to protect domestic industries, geopolitical tensions, or intellectual property disputes.
Impacts include higher consumer prices due to tariffs, reduced international trade volumes, disruptions to global supply chains, decreased economic growth, and potential job losses in affected sectors.
Trade wars typically end through negotiations leading to new trade agreements, tariff reductions, or other concessions, aiming to de-escalate tensions and restore more open trade relations.