Trade Wars: First Effects

Monitoring of Russia's Economic Outlook. Moscow, No 15, pp. 5-8, IEP. 2019

4 Pages Posted: 22 Nov 2019

See all articles by Alexander Knobel

Alexander Knobel

Gaidar Institute for Economic Policy; Russian Presidential Academy and Public Administration (RANEPA) - Institute of Applied Economic Studies

Nikita Pyzhikov

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Moscow Campus

Date Written: November 12, 2019

Abstract

The trade wars that have been waged by the USA since early 2017 are an upshot of the structural problems accumulated inside the global trade and economic system. Firstly, the benefits of globalization are distributed unevenly between the developed and developing countries, and between skilled and unskilled workforces; and inequality in the developed countries is broadening. Secondly, the multilateral trade system has been functioning in accordance with the rules established by the developed countries towards the end of the 20th century, while the positions of the developing countries have significantly strengthened since then. Thirdly, the character of regional economic integration has altered: the process of expansion and increasing complexity of trade treaties has given way to active development of bilateral agreements. The effect of the ongoing processes on Russia has so far been rather weak. However, later on is can be expected that the negative effects, in particular on Russian metallurgy, might become stronger.

Keywords: Trade Wars

JEL Classification: F19

Suggested Citation

Knobel, Alexander and Pyzhikov, Nikita, Trade Wars: First Effects (November 12, 2019). Monitoring of Russia's Economic Outlook. Moscow, No 15, pp. 5-8, IEP. 2019, Available at SSRN: https://ssrn.com/abstract=3485577

Alexander Knobel (Contact Author)

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Russian Presidential Academy and Public Administration (RANEPA) - Institute of Applied Economic Studies ( email )

Vernadsky Ave. 82
Moscow, 119571
Russia

Nikita Pyzhikov

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Moscow Campus ( email )

Moscow
Russia

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