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
Asia Pacific Economic: Recommendations for the Incoming Administration
“No region of the world will do more to shape U.S. economic prospects over the coming decades than the Asia… Read More
Negotiating Cyber Insurance
As if the risk of cyber attack on many different industries, ranging from financial, retail, hospitals and even law firms… Read More
World Bank: 2.7-Percent Global Growth in 2017
Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year, the… Read More
Trump: Focus More on Innovation Infrastructure
A traditional infrastructure plan that invests in roads and bridges could increase employment in the short term, but the incoming… Read More
Turkish Producers: We Don’t Dump Steel
In recent years, the United States has taken a myriad of protective steps towards preventing the import of steel products…. Read More
International Cooperation Robust in the Arctic
The relationship between Russia and the west entered crisis mode in March 2014 when Russia formally annexed Crimea and has… Read More
Global Business Travel Forecast 2017
After an uneven 2016 that saw only limited increases in overall pricing, the business travel outlook for 2017 looks to… Read More
China Dropping Trade Growth Target
China may not be setting a trade growth target for 2017. If that proves to be the case it will… Read More
Is China’s Economy Stagnating?
To hear some say it, China is currently pursuing aggressive foreign and economic policies on several related fronts. It is… Read More
ITC Issues Final Determination On Battery Patent Infringement
Following its first public hearing in nearly a decade, an order from the United States International Trade Commission banned the… Read More
New England Bank to Promote Exports
The Provident Bank will be partnering with the U.S. Department of Commerce, The Granite State District Export Council, and state… Read More
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