Changing Global Financial and Trading Systems and Asia: Editors’ Overview

Ito, Takatoshi; Iwata, Koichi; McKenzie, Colin; Urata, Shujiro

doi:10.1111/aepr.12232

Cited by 1 publication

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“…Given that a trade war is likely to be a negative sum game, why does a trade war occur? As much of the discussion on Noland (2018) which appeared in an earlier issue of this journal and provides evidence on the geographic impact of a trade war with the USA is devoted to suggesting various reasons to explain the trade war (see Ito et al, 2018). An analysis using a one shot two country game approach assumes that countries face a prisoner's dilemma, so that even though it is better for both countries not to protect, if each country acts in its best interests, each will choose protection.…”

Section: Trade Warsmentioning

confidence: 99%

Trade Wars: Editors' Overview

Ito

Iwata

McKenzie

et al. 2020

Asian Economic Policy Review

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March 22, 2018 Pursuant to section 301 of the Trade Act of 1974, President Trump issues a Memorandum to the United States Trade Representative (USTR) directing (a) the USTR to take appropriate action under section 301 "to address the acts, policies, and practices of China that are unreasonable or discriminatory and that burden or restrict U.S. commerce"; (b) the USTR to "pursue dispute settlement in the WTO to address China's discriminatory licensing practices"; and (c) the Secretary of the Treasury to propose executive action "to address concerns about investment in the United States directed or facilitated by China in industries or technologies deemed important to the United States". March 23, 2018 WTO receives a request (DS542) from the USA for consultations with China regarding certain measures concerning the protection of intellectual property rights. April 3, 2018 Pursuant to section 301 and the 22 March Memorandum from the President, the USTR proposes that an additional duty of 25% be imposed on a list of products of Chinese origin with a total value estimated to be about $US50 billion. The products listed include aircraft parts, batteries, flat-panel televisions, medical devices, and satellites. The Chinese Customs Tariff Commission of the State Council decides to impose additional tariffs of 15% (including fruit, nuts, and steel piping) or 25% (including aluminum, airplanes, cars, pork, and soybeans) on 128 items of products imported from the USA since April 2, 2018. April 4, 2018 WTO receives a request from China for consultations with the USA regarding tariff measures on certain goods from China (DS543). Trump tweets that "We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S." April 6, 2018 USTR announces a list of goods imported from China that will be subject to an additional tariff of 25%. The value of the list is estimated to be $50 billion. This list later becomes US' Lists 1 and 2. May 19, 2018 Joint statement by China and the United States states that "to substantially reduce the United States trade deficit in goods with China…China will significantly increase purchases of United States goods and services." June 20, 2018 USTR announces a list of goods (US' "List 1", total value $34 billion) that will be subject to additional tariffs of 25% effective on July 6, 2018. USTR announces a list of goods (US' "List 2", total value $16 billion) that will be subject to additional tariffs of 25%. July 1, 2018 China announces additional tariffs of 25% will be imposed on China's List 1 goods. July 6, 2018 Additional tariffs of 25% come into effect for US List 1 goods (value $34 billion). August 3, 2018 China announces that additional tariffs ranging from 5% to 25% will be imposed on China's List 2 goods (value $16 billion). August 7, 2018 China announces additional tariffs of 25% will be imposed on China's List 2 goods effective August 23, 2018. August 14, 2018 WTO receives a request from China for consultations with the USA reg...

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Section: Trade Warsmentioning

confidence: 99%