King of Pain? Tariff Battles, and the Long Game of Economic Attrition

This research examines the evolving dynamics of the U.S.–China trade war, focusing on its shift from tariffs to capital markets. It highlights how each country experiences economic strain differently, with the U.S. facing market volatility and China dealing with real sector slowdowns. The paper offers insights into the long-term implications of trade conflicts for open and managed economies.

A publication of the School of Economics, University of Asia and the Pacific, Philippines

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