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.
U.S. Increases Tariffs on Chinese Imports to Protect Domestic Industries
Today, U.S. Secretary of Commerce Gina Raimondo issued a statement supporting President Biden’s directive to the United States Trade Representative… Read More
Trump’s Executive Actions May Delay Infrastructure Projects
President Donald J. Trump has signed a number of executive orders intending to cut through or eliminate regulatory processes to… Read More
Why Maintaining Industrial Equipment Is Crucial For Your Business
If your business is engaged with heavy industrial processes, then you’ll be reliant on the right equipment in order to… Read More
WATCH: Globalization – The Impact on Work
The WTO launched a Trade Dialogues lecture series examining the effects of trade and technology on job markets. At… Read More
Double-Digit Import Growth Despite Tariff Talk in Washington
Imports at the nation’s major retail container ports should see double-digit year-over-year increases for the next two months as a… Read More
WATCH: The Conservative Case for Development
Andrew Mitchell, the former Secretary of State for the UK’s Department for International Development (DfID) makes the conservative case… Read More
WATCH: Is the US Trade Deficit Really a Problem?
Gary Clyde Hufbauer explains that at times of high growth, a US trade deficit can actually help the economy—but… Read More
The Next Frontier for the Global Supply Chain
The $2.6 trillion logistics industry is primed for digital disruption. The shift is being driven by numerous factors, including overwhelming… Read More
WATCH: A Massive Trade Retaliation?
Chad Bown of the Peterson Institute explains why the border tax proposal in Congress could lead to unprecedented retaliation… Read More
Free Zones: Brexit Security for British SMEs
Britain’s decision to leave the European Union was the beginning of the end of an era of unified political and… Read More
Report Predicts Ongoing Anticorruption Enforcement
In a new report highlighting trends in the enforcement of the US Foreign Corrupt Practices Act (FCPA), Bass, Berry &… Read More
Administration Sounds Death Knell for Transparency Initiative
The Department of the Interior has halted US efforts to seek validation by the Extractive Industries Transparency Initiative (EITI), a… Read More
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