Trade wars: a brief history

Ryan Monarch

Chapter 47 in Elgar Encyclopedia of International Trade, 2026, pp 243-246 from Edward Elgar Publishing

Abstract: This article describes what constitutes a “trade war” and analyzes two of the most significant trade wars in modern economic history: the trade war of the 1930s and the 2018–2019 trade war. The background conditions leading up to each of these trade wars are summarized, and the evolution of trade policy during the trade war is presented. The economic and political consequences of each are also examined. The chapter argues that one key difference between these two major trade wars is that while the negative economic effects from the 1930s trade war pushed the international community to focus on ways to reduce trade barriers, the aftermath of the 2018–2019 trade war featured far greater acceptance of the economic consequences, especially by the United States, a development that set the stage for additional trade conflagrations into the future.

Keywords: Trade war; Tariffs; Economic history; Inflation; US.-China relations; Trade diversion (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035327492
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