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.
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What to Consider when Planning for the Post-Brexit Period
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BIFA Advises Members to Prepare for No-Deal Brexit
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Tariffs Raise Concerns Among Business Leaders
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Global Connectedness Reached All-Time High in 2017
Global connectedness reached all-time high numbers in 2017 as a direct result of a substantial increase in, “flows of trade,… Read More
Rail Connections Vital for Global Trade and Transport Success
Integrating business operations with the best on-dock rail connections is critical to the continuation of trade and transport. In leveraging… Read More
Trade for Creative Goods Shows Substantial Growth
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Foreign Trade Data Solutions Company Adds Germany Location
Trade Technologies, a global leader in foreign trade documentation software solutions, announced the opening of the second European branch office… Read More
The USMCA: State of Play on Internet Intermediary Liability
Two important elements of U.S. law that protect internet intermediaries are reflected in the United States-Mexico-Canada Agreement (USMCA, signed November… Read More
How U.S. Manufacturers Can Mitigate the Impact of Steel & Aluminum Tariffs
President Trump’s imposition of additional tariffs on imports of steel and aluminum dominated global trade news headlines for most of… Read More
Trade Economist Appointed to U.S. – China Economic and Security Review Commission
Less than a year after becoming President for the Economic Policy Institute, Thea Lee was appointed to the U.S. –… Read More
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