Much international trade is now in “intermediate” goods, rather than finished or raw materials. This globalisation of the value chain makes trade wars far more costly than they were. You know, we should do less of more expensive things? Thus we should have fewer trade wars?
Trade wars in the global value chain era
Emily Blanchard 20 June 2019
The nature of global commerce has changed dramatically over the past 40 years, with the meteoric rise of global value chain trade.…See More