made international trade easier, like advances in transportation, communication, and information

management. The result has been the powerful surge of international trade.

These trends were altered by two important events in 2016: the UK vote to leave the EU and the election of

President Trump in the United States, whose administration pursued a policy of raising trade barriers. In

2018, tariffs on a broad range of imports from China were raised by around 25%. As of 2022, the UK has been

out of the EU for two years, and it remains unclear if President Biden’s administration will adjust or remove
President Trump’s trade barriers.

20.5 The Tradeoffs of Trade Policy

LEARNING OBJECTIVES

By the end of this section, you will be able to:

• Asses the complexity of international trade

• Discuss why a market-oriented economy is so affected by international trade

• Explain disruptive market change
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