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Who Won the U.S.-China Trade War?
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| Parent(s) |
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| Contributor | RP |
| Last Edited | RP May 21, 2022 12:48pm |
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| Category | Analysis |
| Author | Bob Davis, Lingling Wei |
| News Date | Friday, May 20, 2022 04:15:00 PM UTC0:0 |
| Description | Between 2018 and 2020, the U.S. and China fought the biggest trade war since the 1930s, hiking tariffs, upending markets and threatening to plunge the global economy into recession. Since then, the battle has been the subject of dozens of economic studies and lots of political posturing in both countries.
Who won? Figuring out the answer is surprisingly complicated and contains important lessons for those tempted to wield tariffs like weapons.
Economists routinely say that no one wins a trade war because costs rise on all sides. If that’s the case, the U.S., which started the fight and eventually slapped steep tariffs on three-quarters of everything China sold to the U.S. to force changes in Chinese economic policy, lost by not winning. |
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