Title: How does US / China trade war affect EU, Asia and Africa? - Economics Help
Headings: How does US / China trade war affect EU, Asia and Africa?
How does US / China trade war affect EU, Asia and Africa?
Cost of US/China Trade war
Evaluation of trade war
Effect on the EU
“It’s worth all our efforts to defuse this conflict, so it doesn’t become a war,”
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Content: Evaluation of trade war
The trade war is currently piecemeal. There are tariffs on selected goods, such as agriculture and washing machines. On its own, the effect on global growth is fairly minimal. The bigger concern for other countries is if the trade war escalates and is extended to a wider range of goods. If growth in the EU area was strong, they are unlikely to be affected by a piecemeal trade dispute between the US and China. Opportunities of tariffs. If the US places high tariffs on the import of Chinese goods, it gives an opportunity for other countries to displace Chinese exports. For example, North American economies, other Asian countries and the EU could find they are now more competitive and regain a foothold in export markets to the US. A study by United Nations Conference on Trade and Development suggest that EU firms could be able to gain from gaps in the market US$50 billion from lost Chinese exports to the US and US$20 billion from lost US exports to China. Japan, Mexico and Canada also are each likely to capture more than US$20 billion in trade. (