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1. Cutting through the Value Chain: The Long-Run Effects of Decoupling the East from the West

Author:
Gabriel Felbermayr, Alexander Sandkamp, and Hendrik Mahlkow
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
Kiel Institute for the World Economy (IfW)
Abstract:
With ever-increasing political tensions between China and Russia on one side and the EU and the US on the other, it only seems a matter of time until protectionist policies cause a decoupling of global value chains. This paper uses a computable general equilibrium trade model calibrated with the latest version of the GTAP database to simulate the effect of doubling non-tariff barriers - both unilateral and reciprocal - between the two blocks on trade and welfare. Imposing trade barriers almost completely eliminates bilateral imports. In addition, changes in price levels lead to higher imports and lower exports of the imposing country group from and to the rest of the world. The targeted country group increases exports to the rest of the world and reduces imports. Welfare falls in all countries involved, suggesting that governments should strive to cooperate rather than turning away from each other. By imposing a trade war on Russia, the political West could inflict severe damage on the Russian economy because of the latter’s smaller relative size.
Topic:
International Cooperation, International Trade and Finance, European Union, Conflict, Trade Wars, Protectionism, and Rivalry
Political Geography:
Russia, China, Europe, Asia, North America, and United States of America

2. Policy or Pique? Trump and the Turn to Great Power Competition

Author:
Deborah Welch Larson
Publication Date:
03-2021
Content Type:
Journal Article
Journal:
Political Science Quarterly
Institution:
Academy of Political Science
Abstract:
DEBORAH WELCH LARSON analyzes Donald Trump’s policy toward China and Russia and the return of great power competition. She argues that Trump’s personalization of foreign policy undermined his trade war with China, and efforts to improve relations with Russia and that the Joe Biden administration will continue to compete but seek cooperation in areas of shared interests.
Topic:
Foreign Policy, Power Politics, Trade Wars, Donald Trump, Strategic Competition, and Joe Biden
Political Geography:
Russia, China, Eurasia, Asia, North America, and United States of America

3. The US–China trade war and phase one agreement

Author:
Chad P. Bown
Publication Date:
02-2021
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The Trump administration changed US trade policy toward China in ways that will take years for researchers to sort out. This paper makes four specific contributions to that research agenda. First, it carefully marks the timing, definitions, and scale of the products subject to the tariff changes affecting US-China trade from January 20, 2017 through January 20, 2021. One result is that each country increased its average duty on imports from the other to rates of roughly 20 percent, with the new tariffs and counter-tariffs covering more than 50 percent of bilateral trade. Second, the paper highlights two additional channels through which bilateral tariffs changed during this period: product exclusions from tariffs and trade remedy policies of antidumping and countervailing duties. These two channels have received less research attention. Third, it explores why China fell more than 40 percent short of meeting the goods purchase commitments set out for 2020, the first year of the phase one agreement. Finally, the paper considers additional trade policy actions—involving forced labor, export controls for reasons of national security or human rights, and reclassification of trade with Hong Kong—likely to affect US-China trade beyond the Trump administration.
Topic:
Education, Trade Wars, Trade Policy, and Protectionism
Political Geography:
China, Asia, North America, and United States of America

4. The unappreciated trend toward unilateral trade liberalization

Author:
Robert Z. Lawrence
Publication Date:
03-2021
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Afrequently voiced complaint from the Trump administration was that US firms have faced a competitive disadvantage in exports because the US market is open and US tariffs are low but US trading partners protect their markets with high tariffs. The administration used this concern to justify raising US tariffs whenever it could. Lawrence argues that these claims should be more nuanced and account for the extensive unilateral liberalization by many countries over the past 30 years and that the grievances that motivated the Trump trade policies are increasingly misplaced. Many developing countries have reduced their tariffs unilaterally to rates that are far lower than they applied three decades ago and far less than the bound rates reflected in their World Trade Organization (WTO) obligations. Globally, on average, tariffs were not raised during the global financial crisis of 2008 and continued to decline through at least 2018. Even when shocks from imports resulted in serious injury to domestic industries, several developing countries temporarily provided safeguard protection but at levels that were lower than their WTO bound rates. This evidence of import liberalization also suggests that rising protectionism was not responsible for the slow growth in world trade that has been evident since 2011. It remains uncertain whether countries will now respond to disruptions to global supply chains since 2018 caused by Trump’s trade policies and the COVID-19 pandemic by reversing their tariff liberalization stance, but the sustained enthusiasm for new megaregional trade agreements suggests many countries will not.
Topic:
Emerging Markets, World Trade Organization, Trade Wars, and Protectionism
Political Geography:
China, Asia, North America, and United States of America

5. What about China? Differences between US and European policies on China

Author:
Carla Freeman and Cengiz Günay
Publication Date:
01-2021
Content Type:
Video
Institution:
Austrian Institute for International Affairs (OIIP)
Abstract:
THIS EVENT WAS PART OF THE "A BRAND NEW WORLD? SHIFTING POWERS IN INTERNATIONAL POLITICS OIIP ONLINE SERIES. Ever since President Obama’s "pivot to Asia" it has become clear that the US foreign and security policies are increasingly focused on China’s regional and global ambitions as a challenge to US interests in the Asia-Pacific. The Trump administration extended US security policy vis a vis Beijing to the economic arena through a protracted trade war, also banning several online apps and platforms such as TikTok, as well as the telecommunications giant Huawei. The European Union and its member states have remained silent and refrained from harsh rhetoric and policies towards China. What is the difference between US and European policies? What might change or remain the same under the Biden administration and what can be expected from China in the near future? We will discuss these and more questions with Carla Freeman, Executive Director of the Foreign Policy Institute and Associate research professor in China Studies at Johns Hopkins SAIS. Conversation with: CARLA FREEMAN Executive Director of the Foreign Policy Institute of the Johns Hopkins School of Advanced International Studies (SAIS), Moderated by: CENGIZ GÜNAY Austrian Institute for international Affairs. Supported by the U.S. Embassy Vienna.
Topic:
Security, Foreign Policy, Trade Wars, and Telecommunications
Political Geography:
China, Europe, Asia, and United States of America

6. Revisiting the Us-china Trade War: A Strategic Assessment

Author:
Zaeem Hassan Mehmood
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
AUSTRAL: Brazilian Journal of Strategy International Relations
Institution:
Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:
The relations among United States of America and People’s Republic of China have historically survived several bouts and rounds however the approach employed by the Trump Administration for a program involving reprisal hefty tariff-trade war against China has given a new face to the bilateral relations between the two states. The paper demonstrates that domestic and international agents played a vital role in initiating and nurturing the trade clash between Washington and Beijing since 2018 to date. The aim of the study is to ascertain that how the political climate and past pursuits of one country conditions policy outcomes in another, and how domestic political pressures on politician’s conditions their relations with foreign counterparts. The paradigm of rational choice theory is adopted to provide a conceptual understanding to the triggering of the trade war between the economic giants.
Topic:
Cold War, International Trade and Finance, Hegemony, Conflict, Trade Wars, and Rivalry
Political Geography:
China, Asia, North America, and United States of America

7. Collateral benefits? South Korean exports to the United States and the US-China trade war

Author:
Mary Lovely, David Xu, and Yinhan Zhang
Publication Date:
07-2021
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
This Policy Brief assesses the extent to which the United States increased its imports from South Korea after the US imposition of tariffs on Chinese exports. Korea benefited from this shift in US imports, although the increase was relatively small in most sectors. The authors use highly disaggregated US import and tariff data to examine adjustments in US purchases of manufactured goods from its trade partners. Their analysis indicates that Korea made a small gain in the US market following the levying of US tariffs on Chinese exports, with Korea’s share of overall US manufacturing imports rising 0.9 percent and its share of US manufacturing imports subject to trade war tariffs rising 1.0 percent. Gains were spread across a variety of manufacturing sectors—such as wood products, textiles and apparel, and machinery—reflecting both the choices made by US officials regarding which Chinese exports to tax and the nature of preexisting trade relationships between South Korea and the United States.
Topic:
Markets, Economy, Trade Wars, and Exports
Political Geography:
China, Asia, South Korea, and United States of America

8. Taiwan’s Shifting Role in the Global Supply Chain in the U.S.- China Trade War

Author:
Jinji Chen, Hong-yu Lin, and Yi-ting Lien
Publication Date:
07-2021
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
The U.S.-China trade war and the pandemic have had a profound impact on cross-border supply chains. In the past few years of U.S.-China tensions, China has been accused of engaging in unfair competition by abusing its national power, from trade and technology to COVID-19 responses. Amid such accusations, some countries have been stepping back from cooperating with China due to national security concerns. As the lockdowns have further disrupted value chains and highlighted the vulnerability of global supply chains, enhancing supply chain resilience has now become a national imperative for the U.S., Japan, and other countries, with an emphasis on strengthening their production capabilities in the semiconductor and medical care industries.
Topic:
Economics, National Security, Trade Wars, and Supply Chains
Political Geography:
China, Taiwan, Asia, North America, and United States of America