Trade wars are usually an escalation of trade disputes. Although there are formal and informal channels within which to resolve trade disputes, politicians often resort to a trade war in the hope of getting quicker results. A trade war is when two trading nations use tariffs, embargoes, and other trade restrictions to reduce their imports.
Increasing the price of imports
Should the price of imports increase, then the direct effect on small businesses can be either:
Increase the price of exports
Increasing the price of exporting goods can be done by either the national or the opposing government. The effect could be:
Trade wars are easy to start but are often hard to end. Not being able to know how or when a trade war ends can lower confidence in business. Lower business confidence means that:
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