What Is Wearable Tech?

A common definition of wearable tech includes “any device that can be worn on the body to monitor or record data,” and this technology is used for a wide range of applications. Examples of wearables include smart watches, fitness trackers (like the Apple Watch Series 2) and devices that monitor health conditions like heart rate or blood pressure. Other wearables are embedded in clothing, such as smart jackets or smart pants that can be activated by a user’s touch and serve multiple functions, like answering calls, playing music or taking photos. Smart jewelry, such as the Oura ring, and epidermal electronics, which can be applied to the skin, also fall into this category.

In the field of healthcare, some wearables are being used to support remote patient monitoring and potentially reduce the demand on health systems by allowing users to monitor their own health status without the need for a consultation [2]. Data from certain wearables may flag early warning signs that require attention and help individuals arrange timely medical consultations.

However, some barriers to use of wearables have been identified by researchers and could potentially discourage regular uptake of this technology. These include the possibility of losing the device, hospitalization and feeling that the device is tedious to use. Other concerns include the fact that some wearables do not track other types of physical activity, such as strength exercises, and that the technology is not personalized enough for many users.

How a Trade War Affects the Global Economy

In a trade war, nations impose taxes (or tariffs) on each other’s goods in an attempt to protect domestic industries. This is known as protectionism, and it can lead to a tit-for-tat escalation of levies on billions of dollars in goods. For example, Nation A may impose a 20% tariff on autos imported from Nation B. Nation B could respond by suppressing its currency to make its autos more competitively priced in the domestic market.

In the long run, a trade war can damage the global economy by raising consumer prices and reducing economic growth. This is because trade restrictions impede the specialization that maximizes global productivity. In addition, a trade war can undermine global supply chains and reduce international investment, leading to business disruptions and slowing economic development. Developing countries are often the most vulnerable, because they depend on exports for economic growth and are especially sensitive to rising production costs from higher tariffs.

The US-China trade war began in early 2018 with a series of Trump administration tariffs, which impacted everything from steel and aluminum to solar panels and washing machines. China responded with a variety of tariffs, including on soybeans, pork and cotton. The Chinese government also placed additional export controls on rare earth minerals, which will likely lead to higher prices on many US-made products. In response, both economies could experience a slowdown in their respective GDPs. This is particularly problematic because it comes as monetary stimulus is beginning to wear off and oil prices are high, reducing investment.