U.S-China trade war hurts lesser developed economies
Nzube A. Chukwuma et al ’24, July 4, with Le Minh Ngoc & Previous Mativenga; Chukwuma of Nigerian Institute of International Affairs, Lagos State, Nigeria, Le Minh Ngoc of School of Politics and International Studies, Central China Normal University, Wuhan, China, and Previous Mativenga of School of Politics and International Studies, Central China Normal University, Wuhan, China, “The US-China trade war: interrogating globalisation of technology,” Cogent Social Sciences Volume 10, 2024 - Issue 1, accessed July 17, 2024, https://www.tandfonline.com/doi/full/10.1080/23311886.2024.2365509?src=
These studies remind us about the escalating cycle impacts of the US-China trade war on the world’s two largest economies because of their significant contribution to global trade. The escalating tariff retaliation between the US and China on industries, businesses, and consumers and other harmful trade discrimination policies portend a risk and frontal challenges to the global trade order. Research by (Rodrik, Citation2018, Lawrence, Citation2018; Shaffer, Citation2021) has demonstrated how US-China trade largely undermines the WTO’s rule-based multilateral trading system and affects the global growth prospects of countries with the worst and darkest economic scenarios (Steinbock, Citation2019). As Yao (Citation2018) noted, the US-China trade war has disrupted world trade, costing the world more than a US$430 billion loss in GDP.