The Impact of the Sino-US Trade War on the Chinese Economy

Hanbo Wei ()
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Hanbo Wei: University of Connecticut, College of Arts and Sciences

A chapter in Proceedings of the 2024 9th International Conference on Social Sciences and Economic Development (ICSSED 2024), 2024, pp 357-365 from Springer

Abstract: Abstract In recent years, the world economy has seemed to improve; however, economic underpinnings such as trade wars seem to undermine the steps toward economic progression. Generally, trade wars have no winners because the parties involved experience declined exports and GDP, which are integral to international trade. To this effect, this paper and its entirety embarked on an exploration of the implications of trade wars with a particular focus on China in the China-U.S. trade wars. Upon successful completion, this paper concludes that the trade wars negatively impacted China’s GDP due to decreased exports. This paper also concludes that the Sino-U.S. trade wars negatively impacted China’s level of competitiveness, given that the rise in taxes/tariffs pushed up the prices of exports. The other conclusion this analysis makes is that Chinese consumers had it rough as they had to pay more for US-based products. The other conclusion that this analysis makes is that China’s economic growth and financial capability have deteriorated due to declining labor productivity. The other conclusion is that the trade wars have negatively affected trade inflows to China, an outcome that has negatively affected the country’s economy. Lastly, this paper concludes that China experienced high trade deficits during and after the trade wars with the U.S.

Keywords: Sino-US Trade War; World Economy; GDP; Trade Deficits; Tariffs and Competitiveness (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-459-4_44

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DOI: 10.2991/978-94-6463-459-4_44

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