The Center for Economic Policy Research (CEPR) is launching the new eBook titled Trade War: The Clash of Economic Systems Endangering Global Prosperity which includes a contribution by Dr Luca Rubini to the policy debate over trade wars. Dr Rubini's contribution focuses on the current confrontation on subsidies and state-owned enterprises between China and various developed economies.
This collection of essays by leading economists and legal scholars reviews the origins of the US-China economic conflict, evaluates the costs of the trade war, and analyses what it means for the future of the multilateral trading system.
Beginning with China’s accession to the World Trade Organization, the book explores the effects of China’s global integration on US manufacturing workers, the system of World Trade Organization dispute settlement, and the implications of China’s rise as a global power. Assessments of the economic costs follow; contributions quantify which countries lose the most from trade wars, discuss how firms respond to changes in import tariffs, and explain and evaluate how the costs of the trade war propagate through global value chains.
The closing chapters investigate the clash of economic systems at the centre of the US-China quarrel, the quiet growth of other measures restricting market access, the unresolved question of how to limit subsidies, and the rise in uncertainty about future trade policy. These difficult challenges require resolution. Nothing less than the future of the multilateral trading system and the global prosperity it has fostered are at stake.