In recent years, several major economies, including the European Union and India, have introduced new trade barriers, including carbon border adjustment taxes and retaliatory industrial tariffs. The OECD has estimated that these rising trade barriers and retaliatory measures could reduce global economic output by 0.7 percentage points by the end of 2026.
Evaluate the likely impact of an increase in protectionism on the global economy.
103 exam-style questions on Edexcel A A Level Economics 4.1 International economics, covering 4.1.1 Globalisation, 4.1.2 Specialisation and trade, 4.1.3 Pattern of trade, 4.1.4 Terms of trade, 4.1.5 Trading blocs and the World Trade Organisation (WTO), 4.1.6 Restrictions on free trade, 4.1.7 Balance of payments, 4.1.8 Exchange rates, and 4.1.9 International competitiveness. Each one has a worked solution and a mark scheme showing where the marks go.