1.1 The Great Depression and the Smoot-Hawley Tariff (1930)
The gist of the conflict: In 1930, the U.S. passed the Smoot-Hawley Act, raising import duties on 20,000 goods to a record 60%. In response, Europe and Canada imposed retaliatory tariffs.
Consequences: A 66% collapse in world trade from 1929 to 1934 (League of Nations data). Worsening of the Great Depression (1929–1939). Mass unemployment and bankruptcies. Rise of economic nationalism, which partly led to World War II.
1.2. US-Japan Trade War (1941)
The essence of the conflict: the United States banned the export of oil and metals to Japan, depriving it of 80% of its energy resources.
Consequences: Led to the Japanese attack on Pearl Harbor (1941). US entry into World War II.
1.3. US-EU Trade War (1980s)
The essence of the conflict: Protectionism in the US in relation to the auto industry, agriculture and steel. The EU has imposed high tariffs on American products.
Consequences: Slowing growth of world trade. Increased influence of Asian producers (Japan and South Korea).
1.4. US-China Trade War (2018–2020)
The essence of the conflict: The United States imposed tariffs on $370 billion worth of Chinese goods. China responded with duties on American goods, including agricultural products.
Consequences: Slowing Chinese economy (China's GDP slowed from 6.6% in 2018 to 2.3% in 2020). Stock market crash in late 2018 (S&P 500 fell 19.8% from October to December). Increased inflation in the US due to rising import prices.