ABSTRACT
As a global shock, the coronavirus pandemic, in addition to ravaging human health and reducing world output, disrupted global trade. A country's level of trade refers to its exports as a percentage of GDP. A country's balance of trade measures the difference between the monetary value of its exports and imports over a period of time. Sources of the gains from international trade include comparative advantage, market expansion, price reduction, and a variety of products. Distributional consequences of international trade exist in the form of effects on consumption, the labor market, and poverty. The arguments against free trade include countering foreign subsidies and dumping, the infant industry argument, and protecting domestic jobs.
