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As the world's first and second largest economies, the United States and China, begin to trade, fears of a "bumpy war" on the global economy are multiplying and small open economies may suffer more damage than they are in the forefront. The Wall Street Journal (WSJ) reported on Sunday (February 22nd).
The WSJ is a group of countries particularly vulnerable to the fight against fin whales, including Korea with Taiwan, Hungary, the Czech Republic, Singapore, Malaysia and Ireland.
These countries are closely linked to the global "supply chain" by importing raw materials and components, manufacturing products in Korea and exporting them, as trade wars intensify, import costs increase and exports deteriorate. I can have it.
In particular, the WSJ reported that the World Trade Organization (WTO) cited Taiwan with 67.6%, Hungary with 65.1%, Czech Republic with 64.7%, Korea with 62.1 %, Singapore with 61.6%, Malaysia with 60.4%
WSJ says that "60-70% of these countries' exports are used in the global supply chain, which is more exposed to trade disputes world. " He said: In the aftermath of the global financial crisis, Hungary's economic output fell by 6.6% in 2009, the Czech Republic by 4.8% and Taiwan experienced the worst recession in addition to the economic crisis. a decade.
"A small, open economy that depends on trade is more vulnerable to trade war," said Amitka, director of macroeconomic outlook at the National Institute of Economic and Social Research (NIESR), a leading think tank plan in London.
In comparison, Turkey (41.0%), the United States (39.8%), Colombia (37.9%), Brazil (35.2%), Croatia (34.0%), New Zealand (33.3%) and Argentina total.
The WSJ said that countries with large economies, including the United States, could face a "catastrophe" because of global trade disputes, but the "domestic" economy could become a shield part.
The US administration imposed a safeguard measure on imported solar panels and washing machines, followed by elevated tariffs on steel and aluminum, followed by tariff bombs on products Chinese worth $ 34 billion,
President Trump said: "It's unfair, this can go up to 500", referring to the fact that US imports from China last year rose to about 500 billion dollars (500 billion dollars). And that could tarnish the products. It also plans to impose high duties on imported cars.
Trump said: "China and the European Union are manipulating their currencies and lowering their interest rates." Meanwhile, the United States continues to negotiate wars, arguing that the dollar is getting stronger by raising interest rates. Fears of the currency war are also growing.
(New York News-Yonhap)
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