Also, trade wars are often a result of a misunderstanding of the widespread benefits of free trade. Trade wars are a side effect of protectionism, which are government actions and policies that restrict international trade.
Trade wars can commence if one country perceives a competitor nation has unfair trading practices. Domestic trade unions or industry lobbyists can place pressure on politicians to make imported goods less attractive to consumers, pushing international policy toward a trade war. Also, trade wars are often a result of a misunderstanding of the widespread benefits of free trade.
KEY TAKEAWAYS
A trade war happens when one country retaliates against another by raising import tariffs or placing other restrictions on the other country's imports.
Trade wars are a side effect of protectionist policies and are controversial.
Advocates say trade wars protect national interests and provide advantages to domestic businesses.
Critics of trade wars claim they ultimately hurt local companies, consumers, and the economy.
US China trade balance
Understanding Trade War
Trade wars can commence if one country perceives a competitor nation has unfair trading practices. Domestic trade unions or industry lobbyists can place pressure on politicians to make imported goods less attractive to consumers, pushing international policy toward a trade war. Also, trade wars are often a result of a misunderstanding of the widespread benefits of free trade.
Trade wars are a side effect of protectionism, which are government actions and policies that restrict international trade. A country will generally undertake protectionist actions with the intent of shielding domestic businesses and jobs from foreign competition. Protectionism is also a method used to balance trade deficits. A trade deficit happens when a country's imports exceed the amounts of its exports. A tariff is a tax or duty imposed on the goods imported into a nation. In a global economy, a trade war can become very damaging to the consumers and businesses of both nations, and the contagion can grow to affect many aspects of both economies.
Answers & Comments
Explanation:
Also, trade wars are often a result of a misunderstanding of the widespread benefits of free trade. Trade wars are a side effect of protectionism, which are government actions and policies that restrict international trade.
Answer:
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Explanation:
Trade wars can commence if one country perceives a competitor nation has unfair trading practices. Domestic trade unions or industry lobbyists can place pressure on politicians to make imported goods less attractive to consumers, pushing international policy toward a trade war. Also, trade wars are often a result of a misunderstanding of the widespread benefits of free trade.
KEY TAKEAWAYS
A trade war happens when one country retaliates against another by raising import tariffs or placing other restrictions on the other country's imports.
Trade wars are a side effect of protectionist policies and are controversial.
Advocates say trade wars protect national interests and provide advantages to domestic businesses.
Critics of trade wars claim they ultimately hurt local companies, consumers, and the economy.
US China trade balance
Understanding Trade War
Trade wars can commence if one country perceives a competitor nation has unfair trading practices. Domestic trade unions or industry lobbyists can place pressure on politicians to make imported goods less attractive to consumers, pushing international policy toward a trade war. Also, trade wars are often a result of a misunderstanding of the widespread benefits of free trade.
Trade wars are a side effect of protectionism, which are government actions and policies that restrict international trade. A country will generally undertake protectionist actions with the intent of shielding domestic businesses and jobs from foreign competition. Protectionism is also a method used to balance trade deficits. A trade deficit happens when a country's imports exceed the amounts of its exports. A tariff is a tax or duty imposed on the goods imported into a nation. In a global economy, a trade war can become very damaging to the consumers and businesses of both nations, and the contagion can grow to affect many aspects of both economies.