Exchange rate offset to US trade policy: The pricing response of Chinese exporters

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-09-22 DOI:10.1016/j.econlet.2025.112596

Makram Khalil, Felix Strobel

引用次数: 0

Abstract

The US trade conflict with China in 2018 and 2019 was accompanied by a marked appreciation of the US dollar. We provide evidence that Chinese exporters notably lower their prices in response to a USD appreciation. Our results thus suggest that the effect of the 2018–19 US tariff hikes on US (post-tariff) import prices was largely offset by a price reduction by Chinese exporters. This holds particularly for prices of intermediate goods, which make up a large share of Chinese exports to the US. To the extent that US trade policy was itself the driver of the USD appreciation, it induced significant offsetting effect.

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汇率对美国贸易政策的抵消：中国出口商的定价反应

2018年和2019年，美国与中国的贸易冲突伴随着美元的显著升值。我们提供的证据表明，中国出口商明显降低了他们的价格，以应对美元升值。因此，我们的研究结果表明，2018-19年美国关税上调对美国（关税后）进口价格的影响在很大程度上被中国出口商的降价所抵消。中间产品的价格尤其如此，这类产品在中国对美出口中占很大比例。从某种程度上说，美国的贸易政策本身就是美元升值的驱动因素，它产生了显著的抵消效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.