This book explores the causes and instruments of 500 years of armed and non-armed international trade conflicts. Nils Ole Oermann and Hans-Jürgen Wolff draw on decades of experience to examine trade wars, economic sanctions, and different types of economic warfare, investigating their history, ethics, economic driving forces, and legality under current rules. They provide a clear and accessible account of the economics of trade, of trade and financial policy since the nineteenth century, and of the effectiveness of sanctions and the 'winnability' of trade wars. The book also describes the transformation of economic warfare since 1989, namely in cyberspace and in the world financial system, and shows how China's rise challenges the Western model of democracy and free market economies. The authors conclude with a plea for improved economic statecraft and an overhaul of the current trading regime.

For many years, the United States has had established trade agreements with other countries to regulate the even flow of goods and maintain a healthy economy. But many of these entrenched trade agreements have now been upended, and with new tariffs being implemented, the global economic relationships between countries are changing. Will new tariffs help or hurt the United States and its traditional allies? How will U.S. industries be affected? With newer, more severe tariffs in place, bringing tariff retaliation from other trading partners, the future of trade relationships is shifting and uncertain.

The Research Handbook on Trade Wars presents an informative and in-depth account of the origins, dynamics, and implications of trade wars, which are growing both in scale and scope in today’s increasingly interdependent global economy. Providing the frameworks necessary for understanding the political and economic logics of trade wars, this Handbook will be a valuable source of reference for researchers, government officials, businesses, and post-graduate students interested in international political economy, international economics, economic statecraft, public policy, and international relations.

This paper studies the potential long-term effects of three illustrative scenarios using a multi-sector computable general equilibrium (CGE) trade model calibrated to 165 countries. The first scenario estimates effects from potential U.S. auto tariffs. The second analyzes a ‘transactional deal’ between the U.S. and China to close their bilateral deficit. The third, in the absence of such a deal, considers a potential escalation in bilateral tariffs between the two countries. Some common features emerge across all three scenarios: the overall effects on GDP tend to be relatively small albeit negative in most cases, including for the U.S. However, sectoral disruptions and positive and negative spillovers to highly exposed ‘by-stander’ economies can be large. There is also heterogeneity at the subnational level in the U.S. -- richer states tend to benefit from certain scenarios. We discuss how estimated impacts depend on the extent to which the U.S. is able to re-shore production in protected sectors. These results can usefully complement estimates obtained through macroeconomic models that are better suited to capture dynamic effects, such as those stemming from trade policy uncertainty. More generally, our results both underscore the value of adhering to the existing levels of liberalization, and highlight the risks associated with a fragmentation or even a complete breakdown of the trading system.

The USA and China, the world’s largest economic powers, have been engaging in trade war since January 2018. The impact of this trade war is felt not only by US and China but also by other economies who have economic ties with them. This book provides insights into damages caused by this trade war. The first section of the book looks at the impact of the trade war on the global economy. It goes deeper to examine the trade war impact on the South Asian region. It is well-known that any imposition of new tariffs or an increase in existing tariffs would make imports more costly and render the exported goods less competitive. Yet, the book posits that the trade war has provided a window of opportunity to other countries not caught in it. The South Asian region, with countries like Bangladesh, India and Sri Lanka, has actually reaped benefits from the widening trade dispute between the world’s two biggest economies. This book will be a useful reference to help policymakers to undertake informed decisions and initiate programs to minimise the trade war impact.

This is the first comprehensive study by the world’s leading scholars about the political logic of the U.S.-China trade war that started during the Trump administration. The book is divided into three parts. The first part looks at changed leadership styles of the two countries in the last few years. It also examines the liberal international order since World War II in which the trade war emerged. It then explores the theoretical perspectives from both the United States and China that are related to the trade war. The second part is about the domestic factors that impacted on the trade war from China’s perspective. These factors include China’s institutional adaptation of the new international environment, the radicalization of the Chinese political discourse, and Big Power Diplomacy. The third part explores the U.S. domestic factors that impacted the trade war, such as the Trump administration’s different China policy in general, the role played by the U.S. Congress, business lobby, and the transition of foreign policy from a Wilsonian World Order to Jacksonian Nationalism.

'The author has skilfully distilled a sea of data into a readable book on the current US-China trade spats … A valuable resource for those wishing to untangle the present complicated economic relationship between China and the US.'CHOICEUS vs China: From Trade War to Reciprocal Deal gives readers an up close account on the rough-and-tumble trade talks between the US and China. The book provides a neutral and balanced perspective in addressing the historical, political and cultural backgrounds that had made US-China trade wars inevitable, but also explores how the two richest and most powerful countries and long-time rivals may eventually reach a consensus to support a bilateral trade agreement for the ages.Related Link(s)

Despite troubled trade negotiations, global trade—and trade policy—will thrive in the twenty-first century, but with a bow to the past. Is the multilateral trading order of the twentieth century a historical artifact? Was the creation of the World Trade Organization in 1995 the high point of multilateral cooperation on trade? This new volume, edited by Bernard M. Hoekman and Ernesto Zedillo, assesses the relevance of the WTO in the context of the rise of China and the United States' turn toward unilateral protectionism. The contributors adopt a historical perspective to discuss changes in global trade policy trends, adducing lessons from the past to help understand current trade tensions. Topics include responses to U.S. protectionism under the Trump administration, the policy dimensions of trade in services and the rise of the digital economy, how to strengthen the WTO to better negotiate new rules of the game and adjudicate disputes, managing China's integration into the global trade system, and the implications of global value chains for economic development policies. By reflecting on past episodes of protectionism and how they were resolved, Trade in the 21st Century provides both context and guidance on how trade challenges can be addressed in the coming decades.

""The Guild Wars: Unraveling the Global Impact of Modern Trade Conflicts"" explores the complex landscape of contemporary trade disputes, framing them as a new era of economic conflict akin to historical trade guilds. The book examines the evolution of trade alliances, the impact of emerging technologies on global commerce, and the tension between nationalist economic policies and free trade ideals. It traces the history of trade guilds from medieval Europe to modern organizations, providing crucial context for understanding today's economic landscape. The author presents a unique perspective on trade conflicts, viewing them as part of a larger pattern of guild-like behavior in the global economy. This framework offers fresh insights into seemingly disparate events, such as the US-China trade war and Brexit. The book progresses from introducing the concept of modern trade guilds to analyzing major disputes and culminates in discussing potential future scenarios for international trade and geopolitics. Drawing on economic data, historical records, and expert interviews, ""The Guild Wars"" combines quantitative analysis with qualitative case studies to provide a comprehensive view of the subject. It explores interdisciplinary connections, linking economics with political science and technology studies, making it a valuable resource for policymakers, business professionals, and anyone interested in understanding the forces shaping our economic future.

If one were to believe the politicians and pundits in the trade press,the world is in midst of a “telecoms revolution,” resulting from (the) deregulation and new competitive opportunities represented by the 1997 World Trade Organisation Agreement on Basic Telecommunications Services. This may be true. Unfortunately, however, the actions of many regulators and industry participants more accurately reveal not a telecoms “revolution” but instead a growing telecoms trade war that is dangerously close to spiralling out of hand. In this book, Naftel and Spiwak review U.S. and European competition and regulatory initiatives post-WTO and provide both a useful roadmap to today's U.S., EU and WTO telecoms regulation and an examination of various case studies to illustrate their points. In so doing, the authors discover unfortunately the sad reality that, despite the political rhetoric, regulators on both sides of the Atlantic have eschewed innovative and indeed productive solutions to create a market structure conducive to long-term competitive rivalry. Instead, the authors demonstrate that current policies reveal a growing cynicism towards the maximisation of consumer welfare that will be difficult - if not outright impossible- to remove.