Global trade refers to the exchange of goods and services between countries across international borders. It encompasses all transactions that involve the import and export of products and services between nations, contributing to the global economy’s interconnectivity. Global trade facilitates economic growth, fosters competition, and allows countries to specialize in the production of specific goods, utilizing their resources more efficiently. It is influenced by various factors, including trade agreements, tariffs, currency exchange rates, and economic policies of different nations. This interdependence among countries can lead to benefits such as access to a wider variety of goods and services, improved innovation, and, in many cases, lower prices for consumers. However, it can also lead to challenges such as trade imbalances, the impact on local industries, and environmental concerns associated with increased transportation and production activities. Overall, global trade plays a crucial role in shaping the economic landscape of nations worldwide.
A global trade conflict intensifies as the U.S. implements $918 billion in tariffs, triggering retaliation from Canada, Mexico, and China. The U.S. tariffs include a 25% duty on imports from…