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Will Trump’s trade wars reshape the global economy?

Screen Shot 2020-06-29 at 6.27.33 PM

Source: World Politics Review, 22 June 2020, photo credit: Lucy Vegrass, The Economist

Though it’s been overshadowed by the outbreak of the COVID-19 pandemic, the U.S.-China trade war has not been definitively resolved. In January, the two countries hit the pause on the on again, off again dispute, which began in 2018 when Trump launched a series of tit-for-tat tariff hikes over China’s perceived unfair trade practices, including forced technology transfers and the theft of intellectual property.

After several rounds of talks stalled over the course of the following 18 months, the two sides signed a limited “phase one” agreement in January, giving them more time to try to iron out their broader differences. But the terms of the stopgap deal, particularly China’s required purchases of a range of U.S. products and goods, were already going to be difficult to achieve under normal circumstances.

The economic impact of the coronavirus pandemic will now call them even further into question, with no guarantees for an agreement in broader “phase two” talks.
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