Exchange rate offset to US trade policy: The pricing response of Chinese exporters
研究发现2018-2019年中美贸易冲突期间，美元升值促使中国出口商大幅降价，从而基本抵消了美国加征关税对进口价格的影响，尤其体现在中间品上。
The US trade conflict with China in 2018 and 2019 was accompanied by a marked appreciation of the US dollar. We provide evidence that Chinese exporters notably lower their prices in response to a USD appreciation. Our results thus suggest that the effect of the 2018–19 US tariff hikes on US (post-tariff) import prices was largely offset by a price reduction by Chinese exporters. This holds particularly for prices of intermediate goods, which make up a large share of Chinese exports to the US. To the extent that US trade policy was itself the driver of the USD appreciation, it induced significant offsetting effect.