Trade Wars – What Business Owners Need to Know

When a country starts to introduce trade barriers to influence the trade economic measures of another country, something called a trade war begins. In this article you’ll learn about how trade wars work, and the effects they have on society.

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What are trade wars?

Trade wars are a form of political warfare in which nations try to punish each other through various trade economic measures, like increased customs fees. A trade war can, for example, start if a country decides to implement various protectionist measures to favour a certain industry, and which have negative consequences for another country. The other country can then decide to make a statement by increasing customs fees on a certain product that the first country is reliant on.

Who is affected by trade wars?

Despite the trade economic measures of a trade war being used to influence a specific county, it’s far from just that country that is affected. Other than higher costs domestically in the countries involved in a trade war, the industries of outside countries will also be affected by the trade barriers.

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Frequently asked questions about trade wars

What are trade wars?

A trade war is when countries use trade barriers to influence the trade economic measures of other countries.

What are the consequences of trade wars?

Trade wars affect the free market and make things more expensive.

Who is affected by trade wars?

Even if a trade war only involves a few countries, the global economy is often affected, which means that both companies and private individuals are affected all across the globe.