ECON8047: International Trade - Impact of Trade-Related Issues - Management Assignment Help

Assignment Task:

Task:

LEARNING OUTCOMES

This assessment task relates to the following Learning Outcomes:

• Knowledge and Understanding: Be conversant with major trade theories and policy measures.
• Application and Critical Thinking: Evaluate the impact of trade-related issues on countries based on trade concepts and theories.
• Ethical Thinking: Evaluate the impact of trade-related issues on countries with a focus on the tradeoffs between efficiency and equity.

Question 1

Assuming that global international trade sharply declines because of the “trade war” (in the forms of increases in tariff and other trade barriers such as import quota and export subsidies on both sides) between the U.S. and China, the U.S. and the European Union, and the U.S. and Japan. Everything being equal, explain in 700-800 words the likely impact on the following:

• Global productivity, economic growth and inflation
• Australian consumers who buy goods imported from China, Japan and the United States.
• Australian producers who need to source from both China and the United States.
• Australian exporters such as a mining company who exports iron ore and coal to China and Japan.

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