1.
Assuming that global international trade sharply declines because of the “trade war” (in the forms of increases in tariff and other trade barriers such as import quota on both sides) between the U.S. and China, the U.S. and the European Union, and the U.S. and Japan. Everything being equal, explain the likely impact on the following:
Global productivity, Economic Growth
and inflation
Australian consumers who buy goods imported from China, Japan and the United States.
Australian producers who need to source from both China and the United States.
Australian exporters such as a mining company who exports iron ore and coal to China and Japan.
2.
The U.S. and China are also currently engaged in a “technology war” (see e.g. this overview article from Forbes: https://www.forbes.com/sites/zakdoffman/2020/12/29/us-and-china-technology-conflict-heres-why-2020-is-so-critical/). Discuss the likely impact of this “technology war” on Australian trade with both U.S. and China.
Learning Outcomes
This assessment task relates to the following Learning Outcomes:
Knowledge and Understanding: Be conversant with major trade theories and policy measures.
Application and Critical Thinking: Evaluate the impact of trade-related issues on countries based on trade concepts and theories.
Ethical Thinking: Evaluate the impact of trade-related issues on countries with a focus on the tradeoffs between efficiency and equity.
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