Overview
Crisis economics, particularly in the context of trade wars, examines how conflicts between nations over trade policies can disrupt economies. Trade wars often involve the imposition of tariffs, which can lead to increased prices for consumers and reduced trade volumes. Understanding the dynamics of...
Key Terms
Example: The trade war between the US and China has led to increased tariffs on various goods.
Example: The government raised tariffs on steel imports to support local manufacturers.
Example: A trade war can negatively impact a country's GDP by reducing exports.
Example: Globalization has led to more complex supply chains across nations.
Example: Protectionism can lead to trade wars as countries impose tariffs.
Example: The US imports electronics from various countries.