Rising trade frictions over the past decade have sparked urgent questions about their long-term impact on global economies. The U.S. now applies tariffs of 66.4% on Chinese exports, which is higher compared to the average rate of 19.3%, while China retaliates with a 58.3% import tariff on U.S. exports, higher than the average rate of 21.1%.
Japanese study investigates how tariff policies influence long-run economic growth
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