A global scenario where major economic powers repeatedly impose retaliatory tariffs and no

A) Economic Liberalization

B) Trade War

C) Comparative Advantage

D) Free Trade Agreement

Explanation

A trade war occurs when countries impose tariffs or quotas on each other's imports in retaliation for similar actions, leading to a cycle of escalating protectionist measures. This typically harms global trade, increases costs for businesses and consumers, and can disrupt supply chains.

Practice More World Current Affairs Questions

A global scenario where major economic powers repeatedly impose retaliatory tariffs and non-tariff barriers on each other's goods, leading to reduced international trade volumes and increased prices for consumers, is commonly referred to as:

Explanation