The return of protectionism: The impact of the Sino-US trade war
Chinese Academy of SciencesThis paper reviews the Sino-US trade war, analyzing its background, evolution, and economic consequences on both countries and the global economy. It also explores the reshaping of supply chains and the interplay between trade and industrial policies. Despite significant welfare losses, the trade war has had little effect on employment and failed to address trade imbalances or bring manufacturing jobs back to the US, offering a new perspective on the complexity of international trade conflicts.