Cold war and trade break

The Cold War was a pivotal moment in world history that lasted from the end of World War II until the early 1990s. This period was marked by a tense standoff between the United States and the Soviet Union, which had emerged as the two dominant global superpowers after the war. The Cold War had far-reaching implications for international relations, including trade relations between nations. In this article, we will examine the link between the Cold War and trade and how this impacted global commerce.

The Impact of the Cold War on Trade The Cold War had a significant impact on global trade relations. During this period, the United States and its allies imposed sanctions and embargoes on countries that were perceived to be aligned with the Soviet Union. In response, the Soviet Union and its allies also imposed trade restrictions on the United States and its allies. These actions led to a sharp decline in global trade, which had a negative impact on the economies of many countries.

The Breakup of Trade Relations One of the most significant breaks in trade relations during the Cold War was the U.S. trade embargo against Cuba. The embargo was imposed in 1960 and has been in place ever since. The embargo has had a severe impact on the Cuban economy, but it has also had an impact on the U.S. economy. The embargo has prevented U.S. businesses from trading with Cuba, which has limited their access to an important market.

Another significant break in trade relations occurred between the United States and the Soviet Union. The two countries had minimal trade relations during the Cold War, with the U.S. delivering only 1.5% of its exports and obtaining 2% of its imports from the USSR [3]. This lack of trade relations had a negative impact on both economies, limiting their access to important markets.

Trade Relations Today Today, the United States and Russia have resumed trade relations. However, tensions between the two countries remain high, and trade relations are still limited. The United States is also engaged in a trade war with China, which has had a significant impact on global trade. The trade war has led to the imposition of tariffs on goods traded between the United States and China, which has increased the cost of goods for consumers in both countries.

Conclusion The Cold War had a significant impact on global trade relations, with many countries experiencing a decline in trade during this period. The breakup of trade relations between countries also had a negative impact on the economies of these countries. While some countries have resumed trade relations since the end of the Cold War, tensions between nations continue to impact trade relations. As the United States engages in a trade war with China, the global economy is once again feeling the impact of tensions between nations.