are sensitive to the model chosen, despite identical parameterization and
experimental shocks. In the savings experiment, the GVC model produces a
smaller impact on China’s GDP than in the traditional model, while many other
countries experience larger GDP effects. In the tariff experiment, the GDP
effects on China are muted in the GVC model compared to the GTAP model, and
the other countries experience large differences in impacts with particularly big
differences for Mexico, Malaysia, Singapore, Thailand, Chinese Taipei and Viet
Nam. Clearly, at the GDP level in the models, the GVC model produces quite