trade war


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trade war

the use by a number of countries of beggar – my – neighbour trade restrictions such as Tariffs and QUOTAS to restrict imports, and subsidies and tax rebates to increase exports. These actions are usually self-defeating, leading to lower trade and income levels for all. See WORLD TRADE ORGANIZATION.

trade war

a situation in which countries engaged in INTERNATIONAL TRADE attempt to reduce competing IMPORTS by the use of TARIFFS, QUOTAS and other import restrictions, and expand their EXPORTS through EXPORT INCENTIVES. Such BEGGAR-MY-NEIGHBOUR POLICIES, bringing with them an escalation of PROTECTIONISM, however, are usually self-defeating, leading to a fall in the total volume of international trade and world income levels.
References in periodicals archive ?
The Welsh visit comes as concern mounts about the potential for a trade war between China and the United States.
The EU should not engage in a trade war, but must be ready to defend its citizens, MEPs said in a Wednesday morning debate on planned US trade restrictions.
The trade war then begins, and every country involved suffers.
But what will happen if there is a trade war post-Brexit?
BEIJING -- China said Sunday that it would not initiate a trade war with the United States but vowed to defend its national interests in the face of growing American protectionism.
Amid a looming trade war following Mr Trump's decision to impose tariffs on steel and aluminium imports, Sir Vince will say the Government's vision of "a Global Britain signing new trade deals hither and thither" is a "fraud".
China does not want and is not starting a trade war with the United States, Chinese Minister of Commerce Zhong Shan said on Sunday.
Summary: Beijing [China], Mar 11 (ANI): China has refused to indulge in a trade war with the United States on Sunday, saying that it would bring disaster to the global economy.
Washington: The US having USD 800 billion deficit with other countries is ready for a trade war with them, if they retaliated against his decision to impose 25pc import tariff on steel and 10 percent on aluminum.
The recent rise in rhetoric on a global scale trade war is over exaggerated and nations will recognise the importance of trade to global growth, Farooq Siddiqi, Global Head of Trade and Transaction Banking, Standard Chartered told Gulf News in an interview.
Summary: TEHRAN (FNA)- A trade war between the US and China will spell "disaster" for the entire world economy, Chinese Commerce Minister Zhong Shan warned, after US President Donald Trump signed orders greenlighting stiff tariffs on imported aluminum and steel.
If the US president does pursue this latest agenda, it will likely jumpstart a trade war that no one can win.