Should the China-U.S. trade agreement prompt relief because it averts a damaging trade war or concern because selective preferential access for the United States to China's markets breaks multilateral rules against discrimination? The answer depends on how China implements the agreement....

This paper explores the macroeconomic effects of trade tariffs in the context of the recent trade conflict between the United States and China. The focus is laid on two trade war scenarios, and one of them takes into account the effects of the COVID-19 pandemic on the global trade flows. After...