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
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
WATCH: Trump’s Trade Initiatives
Gary Clyde Hufbauer of the Peterson Institute says the US president’s directives to renegotiate the North American Free Trade… Read More
WATCH: Why Hasn’t Trump Labeled China a Currency Manipulator?
Why hasn’t Trump slapped China with the currency manipulation label? Probably because they’re not. C. Fred Bergsten of the… Read More
Commerce Department Seeks Comments on Federal Regulatory Burden
Secretary of Commerce Wilbur Ross is asking for input from American manufacturers to learn about the unnecessary burdens manufacturers face… Read More
WATCH: Border Tax Adjustment and Corporate Tax Reforms
The Peterson Institute for International Economics held a conference to discuss border tax adjustment and corporate tax reforms. Jason… Read More
Is China Really a Good Option for International Trade?
With a landmass that covers more than the whole of America and also a population of over a billion, it’s… Read More
Political Violence Impacts One in Four Global Organizations
Violent political events are up dramatically over the last year with one in four global organizations feeling the impact, as… Read More
WATCH: Brexit and Trade
Brexit will not only affect EU-UK’s trade policies, but it will also have an impact on global trade. This… Read More
Commerce Finalizes Investigations Against Chinese Chemical Companies
The United States Department of Commerce has finalized determinations in an antidumping duty (AD) and countervailing duty (CVD) investigation of… Read More
WATCH – Border Tax: What You Need to Know
Caroline Freund of the Peterson Institute for International Economics explains the logic, benefits, costs, and politics of separate proposals… Read More
Tips for Managing Trade Bans and Restrictions
Bans and restrictions can grow into serious trade barriers unless businesses keep track of them and efficiently integrate them into… Read More
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