Global Trade Wars: Economic and Social Impacts

The global landscape of trade has been significantly shaped by the emergence and continuation of trade wars, particularly those initiated in the last decade. This review explores the economic and social impacts of these trade conflicts, emphasizing the shifts in global economic stability and social equity. By examining various aspects such as changes in employment, gross domestic product growth, consumer prices, and international relations, the review offers a comprehensive analysis of how trade wars have influenced global markets, national economies, and societal norms. It discusses the mechanisms of trade wars, their historical context, and recent occurrences with a focus on major events like the US–China trade tensions. Furthermore, the paper evaluates mitigation and management strategies employed by countries and international organizations to navigate and alleviate the pressures of trade disputes. This synthesis aims to provide a deeper understanding of the multifaceted consequences of trade wars and suggests pathways for future research and policy-making to enhance global economic and social resilience.