RealTime Economic Issues Watch
Image Source:
China Daily via REUTERS
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Chad P. Bown (PIIE) and Yilin Wang (PIIE)
Russia’s war in Ukraine has contributed to a global food crisis, but so has a little noticed action by China last year ordering firms to stop selling fertilizer abroad. Beijing also imposed export curbs on steel last year. These and other moves (including tariffs on pork imports) hurt the world trading system. As a producer, consumer, and trader of countless products, China should realize that its reflexive self-interest exacerbates price pressures around the world.
The Peterson Institute for International Economics building is open on a limited basis. Employees and visitors must be fully vaccinated, with a booster shot, and verify vaccination records before entering the building by registering with CrowdPass, a HIPAA-compliant web application service.
Photo Credit:
China Daily via REUTERS
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