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 ?
"But you tried to bring it in from the other countries and that you are not really subjected to trade wars.
Weakness in manufacturing may drag down services if trade wars eventually hurt consumer sentiment.
The foreign ministers of Russia, India and China are concerned about the outbreak of trade wars and increased protectionism in world trade, Russian Foreign Minister Sergey Lavrov said on Wednesday at a joint press conference following talks with colleagues from India and China, Trend reports referring toTASS.
With the news changing frequently, understanding how to work with an unstable market proves to be a better option than attempting to predict the end result of the trade wars.
The trade wars impact could have negative consequences for up to five years, according to William Wilson with NDSU.
President Trump has opined that trade wars are easy to win.
Trump's trade wars are starting to hit economic growth, not just at home but around the world.
That's the problem with trade wars. There are few good strategies for fighting them.
There was a very sound reason trade wars went out of fashion.
UNCTAD Secretary-General, Dr Mukhisa Kituyi, while quoting an old African proverb, said, 'When elephants fight, it is the grass that suffers.' The same is true for full-blown trade wars: when major economies clash, developing countries will be among the hardest hit, he said.
The WTO told DW it doesn't know what constitutes a trade war. Along with its post-World War II predecessor, the General Agreement on Tariffs and Trade (GATT), its job is to prevent trade disputes deteriorating into protectionism, brutal trade wars and as history sometimes reveals, armed conflict.
Donald Trump proclaims that trade wars are "good" and "easy to win".