Trade war occurs when states raise tariffs against each other in response to each other's barriers. Only arises when competitive protection is of same type, not dumping exports. Increased protection causes nations' output compositions to move towards autarky
G7 consists of seven largest advanced economies representing 62% of global wealth. Group was founded in 1973 to facilitate shared macroeconomic initiatives. Annual summits held every 7 years by host country
Global events occurred in just three years, including pandemic and war. Supply chains disrupted, gas prices rose, and forced migration increased. Corporate debt reached record levels in EBRD regions
G7 consists of seven largest advanced economies representing 62% of global wealth. Group was founded in 1973 to facilitate shared macroeconomic initiatives. Annual summits held every 7 years by host country
US remains global growth engine through 2024 and 2025. Global GDP growth unchanged at 3.2% for 2024. IMF chief economist says "soft landing" inflation has largely been achieved
Trade war occurs when one country retaliates with import restrictions. Protectionism is government actions restricting international trade. Trade wars can start from unfair trading practices or consumer pressure