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With refrence to “currency war” sometimes seen in the news, consider the following statements:
1.When countries impose tit-for-tat import tariffs on imported goods to gain competitive advantage for domestic manufacturers.
2.Currency war is triggered when nations either allow their currencies to weaken and devalue them to gain a competitive advantage over trade rivals.
Which of the statements given above is/are correct?
1 only
2 only
Both 1 and 2
Neither 1 nor 2
Statement 1 is incorrect. The definition provided in statement 1 refers to a trade war, not a currency war. A trade war involves the imposition of import tariffs to protect domestic industries, while a currency war specifically involves devaluing currencies to gain a competitive advantage in international trade.
Statement 2 is correct. A currency war occurs when countries deliberately devalue their currencies to make their exports cheaper and more competitive in global markets.
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