Overview
Trade wars are significant economic conflicts that arise when countries impose tariffs or other trade barriers against each other. These conflicts can disrupt global trade, leading to increased prices for consumers and potential job losses in affected industries. Understanding the dynamics of trade ...
Key Terms
Example: A 10% tariff on steel imports increases the price of steel.
Example: Quotas limit the number of goods that can be imported.
Example: A rising GDP indicates economic growth.
Example: Globalization has led to more international trade.
Example: Economic growth can lead to higher living standards.
Example: The US has a trade deficit with several countries.
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advancedInternational Economics
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intermediateKey Concepts
tariffseconomic growthglobalizationtrade barriers