Effects of eliminating the US–China trade dispute tariffs
This paper examines the economic implications of the tariff increases by the United States and by China during the Trump era trade dispute and the gains from their potential removal. The increases were dramatic, with the US raising tariffs on industrial products by a factor of six – with particularl...
| Autores principales: | , , , , |
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| Formato: | Journal Article |
| Lenguaje: | Inglés |
| Publicado: |
Cambridge University Press
2023
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| Materias: | |
| Acceso en línea: | https://hdl.handle.net/10568/128436 |
| _version_ | 1855528486607781888 |
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| author | Zheng, Jian Zhou, Shudong Li, Xingzi Padula, Antonio Domingos Martin, Will |
| author_browse | Li, Xingzi Martin, Will Padula, Antonio Domingos Zheng, Jian Zhou, Shudong |
| author_facet | Zheng, Jian Zhou, Shudong Li, Xingzi Padula, Antonio Domingos Martin, Will |
| author_sort | Zheng, Jian |
| collection | Repository of Agricultural Research Outputs (CGSpace) |
| description | This paper examines the economic implications of the tariff increases by the United States and by China during the Trump era trade dispute and the gains from their potential removal. The increases were dramatic, with the US raising tariffs on industrial products by a factor of six – with particularly large tariff increases on intermediate and capital goods – and China increasing its tariffs on US agricultural products more than five-fold. These changes distort trade and production decisions in both countries and undercut the global trading system. They resulted in substantial economic losses to each country, with import volumes reduced by 4.9% in China and 4.5% in the USA, and bilateral trade patterns were massively distorted. Their cost to the United States rose at the end of 2021, when the import expansion provisions of the Trump era Phase One Agreement expired. Negotiating the abolition of these costly and disruptive tariffs would generate substantial real income gains for both countries and help lower US consumer prices. |
| format | Journal Article |
| id | CGSpace128436 |
| institution | CGIAR Consortium |
| language | Inglés |
| publishDate | 2023 |
| publishDateRange | 2023 |
| publishDateSort | 2023 |
| publisher | Cambridge University Press |
| publisherStr | Cambridge University Press |
| record_format | dspace |
| spelling | CGSpace1284362024-11-07T09:52:55Z Effects of eliminating the US–China trade dispute tariffs Zheng, Jian Zhou, Shudong Li, Xingzi Padula, Antonio Domingos Martin, Will economic analysis trade tariffs tariff escalation agricultural products income consumer prices negotiation wto This paper examines the economic implications of the tariff increases by the United States and by China during the Trump era trade dispute and the gains from their potential removal. The increases were dramatic, with the US raising tariffs on industrial products by a factor of six – with particularly large tariff increases on intermediate and capital goods – and China increasing its tariffs on US agricultural products more than five-fold. These changes distort trade and production decisions in both countries and undercut the global trading system. They resulted in substantial economic losses to each country, with import volumes reduced by 4.9% in China and 4.5% in the USA, and bilateral trade patterns were massively distorted. Their cost to the United States rose at the end of 2021, when the import expansion provisions of the Trump era Phase One Agreement expired. Negotiating the abolition of these costly and disruptive tariffs would generate substantial real income gains for both countries and help lower US consumer prices. 2023-05 2023-02-06T07:38:50Z 2023-02-06T07:38:50Z Journal Article https://hdl.handle.net/10568/128436 en Open Access Cambridge University Press Zheng, J., Zhou, S., Li, X., Padula, A.D. and Martin, W. 2023. Effects of eliminating the US–China trade dispute tariffs. World Trade Review 22(2). https://doi.org/10.1017/S1474745622000271 |
| spellingShingle | economic analysis trade tariffs tariff escalation agricultural products income consumer prices negotiation wto Zheng, Jian Zhou, Shudong Li, Xingzi Padula, Antonio Domingos Martin, Will Effects of eliminating the US–China trade dispute tariffs |
| title | Effects of eliminating the US–China trade dispute tariffs |
| title_full | Effects of eliminating the US–China trade dispute tariffs |
| title_fullStr | Effects of eliminating the US–China trade dispute tariffs |
| title_full_unstemmed | Effects of eliminating the US–China trade dispute tariffs |
| title_short | Effects of eliminating the US–China trade dispute tariffs |
| title_sort | effects of eliminating the us china trade dispute tariffs |
| topic | economic analysis trade tariffs tariff escalation agricultural products income consumer prices negotiation wto |
| url | https://hdl.handle.net/10568/128436 |
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