Farmer Lucas Richard of LFR Grain harvests a crop of soybeans at a farm in Hickory, North Carolina, U.S. November 29, 2018.
Image Source: 
REUTERS/Charles Mostoller
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Sherman Robinson (PIIE) and Karen Thierfelder (US Naval Academy)

The US-China trade war will leave both countries worse off in coming years, according to an analysis of current and threatened trade scenarios that is based on a global simulation model of the world economy. The model employed here assumes that US tariffs will raise prices for American consumers and for producers who import intermediate inputs from China, and that Chinese tariffs will disrupt the supply chains of US exporters and producers. Several studies and news reports indicate that these effects are already happening for American consumers and businesses.

Photo Credit: 
REUTERS/Charles Mostoller