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.
13 exam-style questions on Edexcel A A Level Economics 4.1.6 Restrictions on free trade. Each one has a worked solution and a mark scheme showing where the marks go.