dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!

Trade War: What Is It & How Are We Affected?

  • June 5, 2019
Total
0
Shares
0
0
0

A trade war is more than just getting companies like Huawei banned. Initiating a trade war can cause withstanding impact and drastically change the economic terrain we’re navigating in.

For starters, what is a trade war? How are we affected exactly? It’s time to find out.

What is a trade war?

In essence, a trade war involves countries imposing tariffs (tax on imported goods) and quotas on each another’s goods. Typically, trade wars arise from trade protectionism, which are policies that attempt to protect its domestic industry, neutralize trade deficits, and create jobs.

How do trade wars affect us?

Trade protectionism is a solution which may work for a bit. Given the competitive advantage, local companies can offer products for lower prices, thus increasing their popularity with local consumers. This will lead to growth which then will lead to more job offerings.

However, a trade war is bound to be detrimental over time. There is an obvious increase in political tension due to the harm it costs to the economies involved. At the same time, economic growth is slowed down for the countries involved and inflation is triggered.

While protectionism may lead to the creation of jobs, it can also cause the loss of jobs. In the United States, 12 million workers work on export-related industries.

Who are most affected?

The ongoing US-China trade war badly affects both countries one way or another.

As for the United States, World Bank’s economist Pinelopi Goldberg and other proponents analyzed the effects of the current trade war in the country in their paper. They found out that US farmers and blue-collar workers — Trump’s strongest supporters — are actually the ones suffering the most.

For China, the insane increase in tariffs kicked exporters of substitutable goods out of the bucket, since US can easily import from other countries to avoid the tax.

Dr Meredith Crowley, a trade expert at the University of Cambridge, states that this may not be the case for those with highly differentiated goods. If US is heavily reliant on them, then the high tariffs may be overlooked without the Chinese exporters needing to adjust their prices.

Given that China exports more to the US than the US does to China, China is expected to suffer more. However, the US is far from sailing smoothly in this trade war.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Asia
  • China
  • Trade War
  • USA
majulah

Previous Article
  • Cities
  • Lah!

How Singapore is securing its food supply with rooftop farms

  • June 4, 2019
View Post
Next Article
  • Lah!

New $20 Note Released To Commemorate Singapore’s Bicentennial

  • June 5, 2019
View Post
You May Also Like
View Post
  • Lah!

Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them

  • John Francis
  • March 25, 2025
View Post
  • Lah!

Canonical announces 12 year Kubernetes LTS

  • John Francis
  • March 4, 2025
dotlah-smartnation-singapore-lawrence-wong
View Post
  • Artificial Intelligence
  • Featured
  • Features
  • Lah!
  • Machine Learning
  • Technology

Growth, community and trust the ‘building blocks’ as Singapore refreshes Smart Nation strategies: PM Wong

  • Dean Marc
  • October 9, 2024
dotlah-singapore-ndp-2024
View Post
  • Lah!

Here’s what to expect for NDP 2024!

  • dotlah.com
  • August 9, 2024
dotlah-singapore-airlines_may_21-1716298816
View Post
  • Lah!

Severe turbulence during Singapore Airlines flight leaves several people badly injured. One man died

  • majulah
  • May 22, 2024
dotlah-pm-lee-lawrence-wong-9656d4cd-1fa4-40ed-905d-e19e639b8476_728802dd
View Post
  • Lah!
  • People
  • Politics

End of Lee Era for Singapore as PM Steps Down

  • dotlah.com
  • May 16, 2024
DPM Lawrence Wong will be Singapore's fourth prime minister on May 15. ST PHOTO: LIM YAOHUI
View Post
  • Lah!
  • People
  • Politics

7 things to know about Singapore’s next prime minister Lawrence Wong

  • dotlah.com
  • May 15, 2024
When asked about his leadership style, DPM Lawrence Wong said he will be open and consultative, but he will not shirk from doing what is necessary for Singapore's future. ST PHOTO: LIM YAOHUI
View Post
  • Features
  • Lah!
  • People
  • Politics

‘We are prepared to relook everything’: Lawrence Wong on a changing society and his hopes for S’pore

  • dotlah.com
  • May 15, 2024


Trending
  • 1
    • Artificial Intelligence
    • People
    • Technology
    Usher’s New Look Embarks on AI-Focused Collaboration with IBM to Set Students up for Career Success
    • March 7, 2024
  • 2
    • Science
    • Technology
    Singapore Scientists To Help Develop Asian Immune Diversity Atlas, With Support From The Chan Zuckerberg Initiative
    • March 17, 2020
  • 3
    • Cities
    • Society
    How People Talk Now Holds Clues About Human Migration Centuries Ago
    • September 9, 2019
  • 4
    • Lah!
    • Technology
    DBS Survey Finds Singapore Businesses To Be Most Digitally-ready In Asia-Pacific
    • September 17, 2020
  • 5
    • Technology
    Apple Central World Opens In Thailand
    • July 31, 2020
  • 6
    • Technology
    The World’s First Aerogels Made From Scrap Rubber Tyres
    • March 19, 2020
  • 7
    • People
    The Global Gender Gap Report 2020
    • January 10, 2020
  • 8
    • Lah!
    • Technology
    Strategic Leadership Programme
    • October 9, 2021
  • copenhagen-denmark-febiyan--hwDGRQzAeM-unsplash 9
    • Cities
    The World’s Safest Cities 2021
    • August 30, 2021
  • 10
    • Cities
    • Lah!
    • Technology
    Smart Cities: World’s Best Don’t Just Adopt New Technology, They Make It Work For People
    • October 11, 2019
  • 11
    • People
    The Most Populous Nations On Earth
    • July 29, 2020
  • 12
    • Cities
    • People
    Megacity Slums Are Incubators Of Disease – But Coronavirus Response Isn’t Helping The Billion People Who Live In Them
    • May 21, 2020
Trending
  • Kitchen Knives - Best All-Around Picks in 2025 1
    Kitchen Knives : The Surgeons of Cooking – Best All-Around Picks in 2025
    • September 15, 2025
  • 2
    Apple unveils iPhone 17 Pro and iPhone 17 Pro Max, the most powerful and advanced Pro models ever
    • September 9, 2025
  • 3
    Apple debuts iPhone 17
    • September 9, 2025
  • Fruits and vegetables for cooking. For food processors. 4
    Food Processor: The Swiss Army Knife of the Kitchen – Best All-Around Picks in 2025
    • September 8, 2025
  • 5
    Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet
    • September 4, 2025
  • 6
    Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how
    • August 25, 2025
  • French Fries 7
    Air Fryer: The One Cooking Appliance to Rule Them All – Best All-Around Picks in 2025
    • August 22, 2025
  • 8
    Samsung Electronics Debuts Odyssey G7 Monitors, Showcasing Top Games on Its Displays at Gamescom 2025
    • August 20, 2025
  • 9
    HP Cranks Up the Game with Smarter Systems, Cooler Builds, and Gear That Hits Different
    • August 14, 2025
  • 10
    New Trump tariffs: early modelling shows most economies lose – the US more than many
    • August 6, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.