Globalization in Trade or Trade Restrictions? A Study of Post-War and Recent Trends

Abstract

Despite all of the advantages of free trade and WTO effort to discourage trade restrictions, in July 2018, the President of the United States decided that he is going to impose tariffs on certain goods imported from China. The Chinese government retaliated by levying tariffs on goods and services imported from the United States. This trade war is opposite of the trend in

international trade during the Post-war period. While the trade deficit figures have improved this has occurred at considerable cost. Tariffs on imported goods are a tax on domestic consumers.