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The latest protectionist trade trends and their impact on the European Union
- Source :
- Repositorio Institucional del Banco de España, Banco de España
- Publication Year :
- 2019
-
Abstract
- Artículo de revista In an attempt to rebalance trade with China, the United States administration decided in early 2018 to introduce a series of protectionist measures affecting certain imports in particular. This gave rise to an escalation of US-China trade tensions. The new tariffs have affected a significant percentage of Chinese exports to the United States, but their impact on EU trade has only been marginal to date. The indirect effects on European economies through the global value chains have also been limited. However, possible tariff barriers on the automotive sector could raise the affected trade flows substantially. Simulations made with econometric models confirm that the tariff measures adopted to date would have relatively moderate direct effects on global economic activity and on EU countries. That said, the simulations also warn that a decrease in business confidence and an unfavourable reaction by international financial markets could amplify such adverse effects. Additionally, possible future auto sector tariffs could have a significant impact on European economies in an industry already facing important challenges associated with the structural and technological transformation process currently under way
- Subjects :
- Automotive industry
Protectionism
China
Economía internacional
Aspectos macroeconómicos de la economía internacional
Coyuntura económica
Proteccionismo y librecambismo
Economía de la Unión Europea
E60
Global trade
Comercio internacional
E50
European Union
F01
Tariffs
F40
Política arancelaria y acuerdos comerciales
Subjects
Details
- Database :
- OpenAIRE
- Journal :
- Repositorio Institucional del Banco de España, Banco de España
- Accession number :
- edsair.dedup.wf.001..26e6e638c26937ad45d64a7e31072e18