Trade Wars & How Nations Fight Them - Tariffs, Subsidies & the Risks of Trade Warfare

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We've talked a lot on this channel about what it takes for nations to fight conventional wars - but with a flurry of new US tariffs announced on targets from the PRC to Canada, Mexico I thought it was time to talk about the mechanics of trade wars.

While we mostly give the situation between the US and its tariff targets a bit more time to develop, today we'll look at some of the theory behind trade wars, what factors can give nations advantages in them, as well as some of the risks that can be involved.

Patreon:
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Reading and Sourcing (partial):

CRS - U.S-EU Trade Relations
https://crsreports.congress.gov/produ...

CRS - U.S. Crude oil imports from Canada and Mexico and Potential Tariffs
https://crsreports.congress.gov/produ...

Quotas (USA)
https://www.cbp.gov/trade/quota/guide...

White house on tariffs on Canada, Mexico & China
https://www.whitehouse.gov/fact-sheet...

Currency reserves data
https://data.imf.org/?sk=e6a5f467-c14...

"Dollar dominance" indicators - Atlantic council
https://www.atlanticcouncil.org/progr...

Tariff Rate Quotas (Canada)
https://www.international.gc.ca/trade...

Visual depiction of U.S. trade balance (2022)
https://www.visualcapitalist.com/larg...

EU on potential US tariffs
https://www.euronews.com/2025/02/03/e...

https://www.politico.eu/article/bruss...

Reporting on Canadian Crude
https://oilprice.com/Energy/Crude-Oil...

PRC export restrictions
https://www.nytimes.com/2024/12/03/wo...

Reporting on consumption in PRC GDP
https://www.reuters.com/breakingviews...

US made alcohol in Canada
https://www.ctvnews.ca/toronto/local/...

Coffee image
https://u.osu.edu/ryanrichardscoffeec...

PRC tarrifs on Australian wine
https://www.abc.net.au/news/2024-03-2...

Malaysian and Indonesian export taxes
https://www.ofimagazine.com/news/mala...

Cybertruck in Europe
https://www.bbc.com/news/articles/cz0...

https://www.theguardian.com/technolog....

US oil export reporting
https://www.forbes.com/sites/rrapier/...

US LNG to EU
https://money.usnews.com/investing/ne....

EU freezes Russian assets
https://www.theguardian.com/world/202...

Russia joining WTO
https://www.politico.eu/article/eu-we...

WTO trade volume data
https://www.wto.org/english/res_e/sta...

Caveats & Comments:
All normal caveats and comments apply. In particular – I would like to note as always that this material has been created for entertainment purposes and is not intended to be a complete or comprehensive examination of the topic in question and should not be relied upon to inform financial or other similar decisions.

Any content relating to the conduct, views, activities or any aspect of any person or character in this video is included for entertainment purposes and does not represent an assertion of fact on those matters or any matters in relation to that person or character.

Reporting on PRC investigations into US firms
https://www.reuters.com/technology/ch...

Timestamps:

00:00:00 — Opening Words
00:00:41 — What Am I Talking About?
00:03:35 — a Brief History
00:09:23 — Meet Your Trade Warriors
00:10:34 — Why a Trade War?
00:16:44 — Trade War Tools
00:30:37 — Making a Trade War Work
00:45:52 — Trade War Advantages & the US
00:55:25 — Forest Syndrome
00:59:45 — the Way Forward
01:00:59 — Channel Update