tariff wars
Import tax conflicts
Tariff wars occur when countries impose escalating import duties on each other's goods in retaliation, each round provoking counter-tariffs.
The term suggests mutual economic damage without clear victory: The tariff war between the two nations drove up prices for consumers on both sides.
Distinguished from ordinary trade disputes by the tit-for-tat pattern of escalation.
- protectionismShielding local producers
- economic nationalismFavoring domestic over foreign commerce
- retaliationPunitive response to injury
- tit for tatEquivalent retaliation
- escalationProgressive increase in intensity
customs duties · border · soybeans · Smoot-Hawley · tariffs · trade policy · retaliatory tariffs · trade barriers · market volatility · aluminum · steel · embargoes · inflation · sanctions · Opium Wars · bilateral trade · trade deficit · currency manipulation
- trade policyfree trade, quotas, protectionism, sanctions, tariffs
- Policyeconomic policy, public policy, energy policy, tax policy, domestic policy
- mercantilismmercantilism, balance of trade, protectionism, trade balance, national wealth
tariff warsfree trade
Unrestricted international exchange
open markets · tariff reduction · free trade agreements · laissez-faire economics · free trade zones
tariff warstrade agreements
Formal accords on commerce
trade treaties · free trade agreements · trade alliances · trade pacts · economic alliances