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In principle, the rules of trade are simple. The economic concept involves the buying and selling of goods or services.

Whenever a trade deal is done, the buyer s expected to compensate the seller. So far, so good. In a more global context, things can get a lot trickier when those buying or selling goods feel unfairly treated by the other party. This can happen when certain protectionist measures are in place, often involving tariffs on imports of selected goods. Such duties sometimes trigger countermeasures, potentially leading to what economists would call a trade war.

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