List of Trade Wars
There are many trade disputes and tensions ongoing worldwide. Below table mentions few of the trade wars:
| Trade War | Countries Involved | Year(s) | About |
|---|---|---|---|
| U.S.-China Trade War | United States, China | 2018-present | Initiated by the U.S. with tariffs imposed on Chinese goods, followed by retaliatory tariffs from China. Issues include intellectual property theft and trade imbalances. |
| U.S.-EU Trade War | United States, European Union | 2018-present | Involves tariffs on various products like steel, aluminum, and agricultural goods. Disputes over subsidies to aircraft manufacturers are central. |
| U.S.-Mexico Trade War | United States, Mexico | 2019-present | Tariffs were threatened and imposed by the U.S. to pressure Mexico on immigration issues, particularly illegal immigration into the U.S. |
| U.S.-Canada Trade War | United States, Canada | 2018-2019 | Primarily focused around tariffs on steel and aluminum imposed by the U.S., leading to retaliatory tariffs from Canada. |
| Japan-South Korea Trade Dispute | Japan, South Korea | 2019-present | Dispute over historical issues led to trade restrictions, particularly affecting the semiconductor and display industries. |
| Australia-China Trade Tensions | Australia, China | 2020-present | Various trade disputes including tariffs on Australian goods such as barley, wine, and coal, allegedly in response to Australia’s foreign policy stances. |
Trade Wars
Trade Wars: A trade war is an international conflict involving protectionist measures between countries over goods and services. A trade war may start when a country applies import restrictions or increases import tariffs in opposition to another. For example, when then-President Donald Trump slapped several tariffs on Chinese imports, the U.S.-China trade war broke out in the middle of 2018. China increased tariffs on American goods in retaliation.
Trade wars can start when one country thinks another is not being fair in trade. Groups within a country, like trade unions or industry supporters, may push leaders to make products from other countries less appealing, leading to a trade war. Trade wars may be harmful to both countries’ industries and consumers. They may spread to impact other industries as well.
In this article, we will look into the meaning, history, impacts, list, examples, advantages, and disadvantages of Trade Wars in detail.
Table of Content
- What is a Trade War?
- History of Trade Wars
- List of Trade Wars
- How are Trade Wars Fought?
- Impacts of a Trade War on the Economy
- Examples of Trade Wars
- Impact of US-China Trade War on India
- Advantages of Trade Wars
- Disadvantages of Trade Wars