The Impact of the China-U.S. Trade War on the Korean Economy

This article aims to examine the trade war so far and the impact of additional U.S. tariffs on the Korean economy. The reason we do not consider Chinese tariffs is because their impact is limited. This chapter also discusses the background and progress of the trade war thus far.The U.S.-China trade war was initiated by the administration of U.S. president Donald Trump, but it owes its existence to a specific set of economic circumstances. President Trump has often used the phrase “America First” from the very beginning of his first presidential election campaign. He has argued that many trade partners have hurt the United States through trade, and has been especially critical of trade deficits. He repeatedly heaped scorn on trade agreements exacerbating the merchandise trade deficit and had pledged to rectify the situation as a presidential candidate. External economic policies implemented since Trump took office are realizing his promises. Those policies differ but share one commonality: they protect jobs and intellectual property rights in the United States.Many studies have addressed the concepts of political and economic hegemony to explain the background of the trade war. This chapter focuses on manufacturing jobs and intellectual property rights instead