国际货币基金组织：贸易伙伴对美国关税的回应（英文版）

Recently announced and enacted US tariffs reduce partners’ access to the US market and lead to trade diversion. Impacted countries may respond in (at least) three ways: imposing retaliatory tariffs on the US, resorting to industrial policy to support their producers, and/or signing trade agreements to find new market access opportunities. Relying on a quantitative trade model, we study the trade and welfare implications of these policy responses. Retaliation hurts US exports, can improve the