Trade War Between China and United States
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The global economy has faced challenges in the recent months because of a series of trade disputes between the United States and China since the start of 2018. Statistics by the International Monetary ... Fund (IMF) indicate that the trade dispute could cut global growth by 0.4% in terms of GDP. The countries are the leading economies in the world meaning they contribute heavily to global growth. This is an indication that the dispute will have far reaching consequences if a resolution is not reached in time. The origin of the dispute is a number of issues such as trade imbalances and issues related to government support for entities. Each of the two sides has introduced tough tariffs to imports reaching their markets. Tariffs are a duty or tax which is paid to a particular class of exports and imports. They are used to restrict importation of goods by increasing prices of services and goods from another country as prices in the target market increase to cover the tariff. There are underlying issues which need to be addressed before a final resolution to the trade war is reached which need to definitively address problems which can negatively impact the world economy. [Show More]
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Sep 24, 2020
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