Year: 2024
Type: article
Abstract: The Sino-US trade war, sparked by deep-rooted economic tensions, emerged from the United States' concerns over its significant trade deficit with China and accusations of unfair practices, including intellectual property theft and forced technology transfers. Under the Trump administration, protectionist policies intensified, leading to a series of tariffs and countermeasures, impacting key industries such as agriculture, electronics, and automobiles. Although negotiations led to partial agreements, including the Phase One deal in 2020, many issues remained unresolved, and the Biden administration has maintained certain tariffs, keeping trade tensions simmering. This report delves into the far-reaching impacts of the Sino-U.S. trade conflict and the rise of protectionism on the global economy. Protectionist measures like tariffs, quotas, and subsidies disrupt international trade, raise production costs, and contribute to inflationary pressures. This not only weakens global supply chains but also reduces consumer choice, raises unemployment, and stifles economic growth, particularly in developing nations heavily reliant on exports. The trade war has also hindered investment flows and technological cooperation, especially in emerging sectors like semiconductors and artificial intelligence. In conclusion, the report advocates for strategies such as strengthening regional cooperation, diversifying supply chains, and fostering technological innovation to counter the negative effects of protectionism and promote long-term global economic resilience.
DOI: 10.54097/8e69jk79
Author: Jiahao Xu
Institution: King's College London
Language: English
Field: Social Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4405809008