Implications of US-China trade wars for Australia
On 28 August 2018 KPMG Australia published a report, Trade Wars: There are no winners, on economic modelling of the expected impact of the recent US-China trade disagreements.
The report estimated that should the trade war escalate to involve a significant number of other countries Australian national income could be cut by approximately half a trillion dollars over 10 years – the equivalent of 40 per cent of 2017’s total household disposable income. Around 60,000 jobs would be lost, and real wages pushed down by $16 per week for the average worker.
Your task is to:
- Read the full report and some of the Australian media coverage of its contents (refer Resources/ Assessment 1). Summarise the key findings of the report. You may also search the internet for other commentaries on the report.
- Since the publication of the report what have been the subsequent developments in the US-China trade disagreements?
- Discuss these developments in the context of the three scenarios modelled by KPMG in its report?
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