US-China trade war

Sheptun, N.; Martyniuk, I.; Shulyarenko, E.

US-China trade war

Файли

Black_Sea_Sci_2022_Sheptun.pdf(16.43 MB)

Дата

2022

Автори

Sheptun, N.

Martyniuk, I.

Shulyarenko, E.

Анотація

In this paper, we consider the trade war between the United States and China, and its impact on the world economy. The United States and China are the largest countries in international trade: China is the world's largest exporter and the United States is its importer. The United States has maintained the status of the world's leading economy since the middle of the twentieth century, but in recent decades, China has shown particularly rapid development, strengthening its leadership in world markets. We analyzed the historical course of the trade war between the United States and China, as well as the current accounts of these countries. The paper considers the tariff policies of countries, and substantiates their impact on relations between the United States and China. Theoretical definition of trade war World trade wars are closely linked to international trade, which in turn is an integral part of international economic relations. But international trade can be used not only for exchange but also as a means of political and economic pressure. The trade war is the highest level of tension between countries, due to the use of various trade policy measures. As for economic relations between the United States and China, after China's membership in the World Trade Organization, the situation went in a direction that is not the most favorable for the United States. Although for China it was one of the crucial stages in laying the groundwork for rapid economic development. The main reason for the full-scale US trade war against China was the trade gap between the two countries, as the trade balance between the US and China had a gap of 460 billion US dollars. The state of the WTO, initiated by the United States and China, indicates that the parties are trying to reach some compromises and will depend, inter alia, on progress in implementing the Economic and Trade Agreement between the United States and the Government of the People's Republic of China. In the process of regulating the trade war between the United States and China, the signing of trade agreements is being considered, which will help reduce tariffs between these countries. The signing of agreements is influenced by the following indicators: economic problems in China's economy caused by the COVID-19 pandemic, plane crashes, animal disease outbreaks, export controls, World Trade Organization decisions, the long-term impact of tariffs, and so on. High tariffs on Chinese imports affect American consumers and some American companies suffer losses because import duties are paid by US importers rather than Chinese exporters. The establishment of China's trade barriers will increase US exports, and agreements to increase China's purchases of US products will help reduce imports, which should improve the US trade balance

Опис

Sheptun N. US-China trade war / N. Sheptun, I. Martyniuk, E. Shulyarenko ; advisors N. Reznik // Black Sea Science 2022 : proc. of the Intern. Competition of Student Scientific Works / Odesa National University of Technology ; eds. B. Yegorov, M. Mardar [et al.]. – Odessa : ONUT, 2022. – P. 232–242. – Ref.: 38 tit.