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
Xi’s Vision for China in Global Market
Last month, China’s President Xi Jinping vowed to lead global trade, in that he would ensure China was open to… Read More
OPEC Reaches Oil Output Reduction Agreement
The thirteen members of the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, reached an agreement yesterday to reduce… Read More
Support for Trump’s Infrastructure Investment Plan
Marcia Hale, President of Building America’s Future, congratulated President-elect Donald Trump, and expressed the organization’s commitment to work with him… Read More
U.S.-Africa Trade Relations Under Trump
The outcome of the United States general election has generated anxiety globally particularly regarding trade deals between the U.S. and… Read More
Scrapping the Iran Deal: What It Would Mean for Oil Markets
Members of the Organization of Petroleum Exporting Countries (OPEC) meet November 30 in Vienna and have been negotiating in advance… Read More
Robots Threaten Two-Thirds of Developing Country Jobs
The increased use of robots threatens millions of jobs in developing countries, by undermining the advantage of low wages and… Read More
Trade Winds—A Four-Part Series on Shifting Attitudes Toward Trade Agreements
As the Canadian and U.S. governments move toward ratification of agreements like the Trans-Pacific Partnership (TPP) and the Comprehensive Economic… Read More
Evading Trade Sanctions in North Korea
Research being conducted at two august academic institutions in the Boston area is shedding light on how North Korean companies… Read More
Donald Trump and Africa
For Africa, at stake in this election of Donald Trump is the strong bipartisan consensus in Congress that has been… Read More
Gwadar Port in Pakistan Open for Business
Pakistan’s Gwadar Port opened to world earlier this month with the first large shipment of Chinese goods arriving, and welcomed… Read More
Power of Partnership Can Unlock Africa’s Potential
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem met with President Filipe Nyusi of Mozambique at a summit… Read More
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