Do turbulent business environments shape asymmetric trade policy responses? Insights into the Covid-19 pandemic and the Great Recession

Abstract

Today's pandemic and the Great Recession are the most turbulent moments of the 21st century. The aim of the paper is to explore the pattern of response through mixes of harmful trade policy interventions during these two systemic crises.The descriptive assessment focuses on two broad categories of measures, i.e. import-related and export-related harmful interventions. Some stylized facts emerged from this analysis and conclude that the two major crises led to different responses from governments, driven by specific reasons and needs. These patterns of response challenge the future of international trading system and the behavior of companies in the global business environment. Therefore, this research provides valuable information not only for the business community, but also for policymakers.