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Comment on trade wars and industrial policy competitions: understanding the U.S.-China economic conflicts

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  • Parro, Fernando

Abstract

•The welfare effects of industrial and trade policy in open economies stem from the interplay between terms of trade and misallocation motives.•In a world characterized by sectoral economies of scale, trade policy alone cannot achieve a first-best outcome; industrial policy is also essential.•In this context, international cooperation is crucial to achieve a first-best outcome.•The paper represents an important step forward in the quantitative analysis of the welfare effects of trade and industrial policies, viewed through the lens of recent changes in the trade and industrial policies of the United States and China.

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  • Parro, Fernando, 2024. "Comment on trade wars and industrial policy competitions: understanding the U.S.-China economic conflicts," Journal of Monetary Economics, Elsevier, vol. 141(C), pages 59-61.
    • Handle: RePEc:eee:moneco:v:141:y:2024:i:c:p:59-61
    DOI: 10.1016/j.jmoneco.2023.10.007
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