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
Trade Policy Under Trump: A Look Ahead
Dentons, the global law firm, recently released its Global Regulatory Trends to Watch in 2017. In this five-part series, we… Read More
WATCH: US Participation in Global Trade Agreements
Although trade agreements and regulations have often been a source of domestic controversy, they have seldom been as hotly debated… Read More
Trump Unlikely To Use Section 301 Against China
With the advent of Trump administration, the long standing rhetoric surrounding US-China trade disputes has not only become more ominous… Read More
WATCH – Trump: US “Must Protect Itself From the Outside”
Speaking at the American Center for Mobility in Detroit yesterday, President Donald Trump reiterated his protectionist economic philosophy. After his… Read More
Trump Policies Would Torpedo US Growth
With the Trump administration sending its budget blueprint to Congress that would slash trillions of dollars in non-military federal spending,… Read More
Don’t Use the Trade Deficit to Keep Score
Americans like to play to win. When it comes to international trade, however, we shouldn’t use the size and trend… Read More
WATCH: What Trump’s Manufacturing Strategy Should Look Like
If one thing became clear in the weeks following the presidential election, it was that President Trump is serious about… Read More
Can USTR Nominee Fulfill Trade Mandate?
At his first cabinet meeting on Monday,. President Donald Trump noted the four empty seats around the conference table, signifying… Read More
WATCH: Gaming International Trade
When teaching the course International Economics at the NYU Florence campus, Professor Giampiero Gallo organizes a modified version of the… Read More
Report: Antitrust Concerns About Data Are Overblown
While some US commentators are pushing for regulators to consider companies’ data holdings in antitrust analysis, a new report from… Read More
WATCH How Florida’s Economy Depends on Trade
Two and a half million high-wage Florida jobs rely on international trade. Learn the benefits trade provides the Sunshine State.
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