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Trade wars and Tariff woes – By Dr. Gnana Sankaralingam International trade which is the exchange of goods and services (imports and exports) between countries, could give them access to resources and products they otherwise would not be able to use. Countries could export goods in order to import items which they cannot produce themselves. By trading internationally, not only the consumers enjoy larger variety of goods and services, but also resulting increased competition can lead to lower prices and more product innovation, which by having more choice, better quality and cheaper products would raise the standard of living. Markets abroad where there is an increase in demand for their products will allow firms to exploit in large scale production. Also firms will be exposed to new ideas and skills as multinational corporations might bring new manufacturing skills to a developing country. It allows countries to specialise in goods and ...