CONTEMPORARY PROTECTIONISM – TRADE WAR BETWEEN THE U.S. AND REST OF THE WORLD
Journal Title: Medzinárodné vzťahy - Year 2018, Vol 16, Issue 3
Abstract
This paper addresses issues related to the trade war between the U.S. and the rest of the world. The U.S.A. as the largest and most advanced economy in the world record a chronic deficit of the BoP current account. With the aim of protecting American producers, especially producers of steel products, the American President Donald Trump introduced a number of protectionist measures. The affected states naturally react by introducing retaliatory measures. Mutual trade is reduced even though certain exemptions are applied. Protectionism has a short term positive effect on a limited number of economic players (increase in the production volume, increase in employment), the long-term negative effects are, however, far more extensive for national economies and the world economy as a whole.
Authors and Affiliations
Katarína Brocková, Ľudmila Lipková
Keywords
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