America’s Trade Wars: Past and Present

Trade policy has been a contested issue for governments as long as separate governments have existed.

In the modern era, many economists have argued that reducing barriers to international trade, such as tariffs or export restrictions, can benefit all parties. However, national governments often face political tradeoffs between increasing trade and protecting domestic industries.

When such conflicts arise, barriers imposed by one country can lead trade partners to respond with barriers of their own, creating a back-and-forth escalation known as a trade war.

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