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The Rising Prices Of Canned Foods And Beverages In Canada After Trade War

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After the trade war, it has been reported that the prices of overwhelming canned foods and beverages in Canada are about to rise in the second half year of 2018. This essay will focus on explaining the background of this particular economic phenomenon, economic principles incorporated in it and influences it may have on people who live in North America.

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First of all let’s define what the trade war is. A trade war is an economic conflict resulting from extreme protectionism in which states raise or create tariffs or other trade barriers against each other in response to trade barriers created by the other party. Increased protection causes both nations’ output compositions to move towards their autarky position.

In 29th July, 2018, the Canadian government announced a list of commodities in retaliation to high tariffs imposed by the United States on steel and aluminum products. Under this background, the trade war broke and the vast majority of canned foods and beverages have been declared to be sold with slightly higher prices in North American markets. The two leading manufactures who are in charge of producing canned beverages, PepsiCo and Coca-Cola would raise their canned products by 1 cent per can in general.

Economic Principles Incorporated in the Trade War

Firstly, it has been argued that wholesale prices of canned foods and beverages will be increased because of the macro economic environment. However, the growth of retailed prices of canned products in Canada is largely decided by retailers themselves. Based on this, economic principles of state macro control and market micro regulation are contained in this economic phenomenon. Secondly, as it has been declared that commodity prices, in particular, canned ones will show an upward trend. It is because various factors, including the raising prices of transportation, ingredients, packaging, etc. will cause the rising production costs. Nevertheless, these rising production costs profitable to producers, which indicates that more canned foods and producers will be produced to the market. When customers refuse to consume the canned beverage with increased prices, the total social supply is likely to outweigh total social demand in the field. Under this circumstance, the specific economic phenomenon of inflation tends to come into being to negatively influence people’s daily life. People’s living costs increase, and living standards declined accordingly Canadian dollar suffers devaluation, which makes more than 160 thousand people in Canada are about to lose their jobs.

Conclusion

There mainly have two economic principles contained in the rising prices of canned foods and beverages in Canada after the trade war, and this war primarily brings two negative influences to people in Canada. Relevant organizations should take effective actions to handle the negative influences behind the trade war.

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