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How has the current US-China trade war impacted the global international trade policy, and what are some possible long-term effects?

Cas Zannotelli

Okay folks, let's talk about the elephant in the room - the current US-China trade war. It's been making headlines for quite some time now, but have you ever wondered how it's impacting the global international trade policy? And what could be some long-term effects? Buckle up, because we're going on a wild ride!

Firstly, let's get some context. The US and China have been locked in a trade war since July 2018, when the US imposed tariffs on Chinese goods. China retaliated with tariffs of their own, and it's been a back-and-forth ever since. Both countries have been trying to flex their muscles and protect their interests, but this has had a ripple effect on the rest of the world.

In terms of global trade policy, the US-China trade war has created a lot of uncertainty. Countries that rely heavily on exports to either the US or China have been hit hard. For example, Australia - a major exporter of raw materials to China - has seen a drop in demand and prices, which has had a flow-on effect on their economy. The EU has also been caught in the crossfire, with increased tariffs on steel and aluminum imports to the US. The trade war has made it more difficult for countries to predict what tariffs and restrictions might be put in place next.

But it's not just the economic impacts that are worth considering. The US-China trade war has also brought up questions about the power dynamic between the two countries. China has been rising in power and influence over the past few years, but the US has always been seen as the dominant superpower. This trade war could be seen as a battle for dominance, with both sides trying to show off their economic might.

So, what are some possible long-term effects? Well, one major concern is that the trade war could escalate into a full-blown economic war, with more countries getting involved and imposing their own tariffs. This could have a devastating impact on the global economy. Another concern is that the trade war could lead to a shift in the global balance of power. If China is able to weather the storm better than the US, it could be seen as a sign that their power is increasing. On the other hand, if the US comes out on top, it could reinforce the idea that they are still the top dog.

Overall, the US-China trade war has had a massive impact on global trade policy, and the long-term effects are still uncertain. One thing is for sure - it's going to be an interesting ride!