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Covid-19’s impact on Trade Policy Focus on Medical and Personal Protective Equipment Trade
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ROSSI_503242_2022.pdf
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- International trade policy has frequently been implemented in reaction to economic downturns. The multilateral trading system has been especially scrutinized in its role as an instrument to overcome the shortage of resources. Similar policy efforts were undertaken in different countries during the COVID-19 epidemic, with a concentration on basic medical supplies and personal equipment. Bearing this in mind, this study aims to provide a descriptive assessment of the trade policy measures implemented in response to the COVID‐19 pandemic in different areas and their impact on the economics of China, the United States and the European Union through the perspective of the model gravity theory. The pharmaceutical industry, which was the worst damaged by the crisis, will be the sector targeted. Interestingly, I find that the export restriction imposed by the European Union does not harm its economy while the opposite happens for China and United States. I investigated those results that indicate that the restriction imposed by China diminish Chinese trade, supported by the fact that China is one of the world's largest exporters of personal protection equipment commodities. The restriction harm also United States’ economy. It is given a reasonable explanation, supported by theoretical evidence, for why in the European Union this does not happen.