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Content: Remember, a tariff is a tax put into place by one country on imported goods or services from another country. Learn the basics of trade wars, their pros and cons, plus how they affect the economy. Trade War: The Basics
A trade war occurs when one country imparts a tariffor import restrictions or quotas on imports from another country. As a result, another country imparts tariffs and quotas of their own in retaliation. This can be detrimental to both country’s economies. For example, it can impact domestic businesses and national exports. Also, can raise prices on goods that consumers need and want. Consequently, it can negatively affect diplomatic relationships between countries that are trading partners. However, there are some positives of trade wars, such as shielding domestic industries from foreign imports and job creation.