It’s easy to take for granted our accessibility to products native to or manufactured in countries on the other side of the world. International trade makes it possible to enjoy a dinner of Kobe beef from Japan, tropical fruits from India and a bottle of wine from France, without having to wait days (or weeks) for all the ingredients to arrive. From the days of the Silk Road between Europe and Asia in the 1200s, international trade has facilitated the exchange of goods and services between nations. As transportation evolved to make doing business internationally more practical, the result has been a global economy where events in one county can impact product supplies, demand and prices in countries thousand of miles away. For consumers, global trade means more business competition, which (despite tariffs and other additional costs that do not apply to domestic trade) typically results in lower prices for the products they want to purchase. It also opens up more markets where countries can sell the goods that are more abundant within their borders. The Cycle of Global Trade Relationships International trade can, over time, change the nature of relationships between two countries. One familiar example is when a poorer nation provides labor and facilities to more developed trading partners, acquiring wealth that can then be channeled into greater domestic productivity. When that happens, it could eventually result in a reversal of roles, where the product importer becomes an exporter. One sees elements of this in the trade relationship between the U.S. and China.
Maersk Infuses $600 Million into Nigeria’s Port Infrastructure, Bolstering Maritime Trade Expansion
A.P. Moller-Maersk (Maersk) has unveiled a substantial $600 million investment geared towards enhancing Nigeria’s port infrastructure, marking a pivotal step… Read More
2017 SUPPLY CHAIN TRENDS RECAP
INNOVATION Innovation has gone from something reserved for start-ups to a must-have for supply chains looking to adjust to digitalization… Read More
WATCH: US-UK Trade Pact: Not a Good Deal
As British voters decided to leave the European Union, former President Barack Obama warned that the United Kingdom would be… Read More
US Finds Dumping of Carbon and Alloy Steel Wire Rod Imports
US Secretary of Commerce Wilbur Ross has announced the affirmative final determinations in the antidumping duty (AD) investigations of imports… Read More
Blockchain Application Coming to Industrial Supply Chain Management
SyncFab Co., a business-to-business procurement and supply chain management platform for precision parts production, has announced it launched a public… Read More
WATCH: Brexit’s Damage to the British Economy
Adam Posen, president of the Peterson Institute for International Economics, says that the United Kingdom’s choice to close itself off… Read More
PORT OF LOS ANGELES BREAKS ALL-TIME CARGO VOLUME RECORD IN 2017
The Port of Los Angeles moved more cargo in 2017 than in any time in the port’s 110-year history, racking… Read More
Is NAFTA In Trouble Again?
It’s happened again. President Donald Trump has once again threatened to withdraw the United States from the North American Free… Read More
OriginTrail Unlocks Blockchain for Global Supply Chains
OriginTrail, a European IT company known for its traceability solutions, announced its development of the first blockchain protocol that is… Read More
Anti-Manipulation or Currency Alignment?
The Trump administration has indicated that it is seeking a currency provision in a revised NAFTA agreement. In itself, this… Read More
US Company Settles Whistleblower Lawsuit, Pays for Importer’s Customs Fraud
Federal prosecutors in New York recently announced the settlement of a remarkable lawsuit relating to a scheme to evade import… Read More
Protect US Interests in Africa
President Donald Trump’s strategy toward Africa will not advance United States interests on the continent. That’s the conclusion of an… Read More
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