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 ?
As we look at the unfolding spectacle of global recovery being hijacked by President Trump's latest move, it may be worth examining what causes trade wars and whether President Trump's assertion that it could be won is correct.
Trade Commissioner Cecilia Malmstrm said the EU neither wanted an escalation, nor shared the view that trade wars are easy to win.
Yap Securities said concerns on inflation and trade wars have affected market sentiment.
Summary: Trade wars loom large this week, as the world awaits Europe and China's response to the US tariffs
China doesn't want a trade war with the United States and will not start one but can handle any related challenges and will defend national and Chinese people's interests," Shan noted, adding, "Trade wars leave no winners, only disastrous outcomes for the two countries and the rest of the world.
You know, when we're behind on every single country, trade wars aren't so bad.
AFP) LONDON: Gulf countries will not be able to fully escape the impact of any global trade wars that could break out following US President Donald Trump move to impose tariffs on steel and aluminum imports, said analysts.
History shows that trade wars are never a solution," the Minister said at an annual press conference, adding that "A war hurts both the instigator and those it is waged against.
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win," the president counseled.
When we're behind on every single country, trade wars aren't so bad," he said at a news conference with Swedish Prime Minister Stefan Lofven who responded by saying: "I am convinced that increased tariffs hurt us all in the long run.
But the market overlooked confidence and focused on potential trade wars.
The move also escalated trade wars between the two neighbours.