Outcome of Previous Global Trade Wars
"Trade wars are good, and easy to win," writes U.S President Donald Trump on Twitter. However, Trump is quite alone with this opinion in the professional world. History has taught us that trade wars are not "easy" or "good." Nevertheless, experts fear that the conflicts Trump has instigated will turn into a tangible trade war - and to the point of striking parallels in history. What led to the outbreak of trade wars in the past? Who is the winner, and who will lose in the battle for advantages in global trade? What really stands behind the astonishing renaissance of customs barriers and protectionism?
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