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Word of the Day: Trade war
A trade war is a situation where countries impose tariffs or other trade barriers on each other to protect their industries or to respond to trade practices they see as unfair.
Recently, the United States entered into a trade war, starting when former President Donald Trump increased tariffs on many goods entering the US from Canada and Mexico.
This trade war has raised concerns about its potential to lead to a worldwide recession and even a US depression.
The trade war began with the apparent intention of protecting American jobs and industries.
However, it is resulting in higher consumer prices and increased business costs.
In response to the trade war, many countries have also imposed tariffs on American goods.
This tit-for-tat approach escalates tensions and can disrupt trade relationships established over many years.
Millions of individual Canadians have also begun a nationwide boycott of all American products, from Amazon and bourbon to Gibson guitars and lettuce.
This leads to the question: Are the Americans shooting themselves in the foot with a trade war?
Economists warn that global trade is being affected as the trade war continues.
Countries are becoming more cautious about exchanging goods, which can slow down economic growth worldwide.
Economies slowing down may lead to a recession, where jobs are lost and businesses suffer.
If the trade war persists, the US economy could enter a depression—an even deeper and longer economic downfall.
For individuals, the effects of a trade war can be felt through higher prices at stores and limited availability of products.
Families might have to budget more carefully as their purchasing power decreases.
The economy’s future may depend on how we address this trade war.
Flesch-Kincaid Readability Test
This post compares in readability to The New York Times.
It is likely to be understood by a reader with at least a 10th-grade education (age 16).
On the Flesch-Kincaid reading-ease test, this post scores 50.
The easier a passage is to read, the higher the score on a scale of 0 – 100.
