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.
WTO Report Highlights Remarkable Five-Fold Surge in Global Trade Over 28 Years
In a significant milestone marking its 30th anniversary, the World Trade Organization (WTO) unveils remarkable findings showcasing a five-fold increase… Read More
Seizing Export Opportunities in Emerging Markets
Consider a recent transaction involving an Australian agricultural producer and a food company in India. In this situation, the varied… Read More
Hybrid Strategy Works Best When High-Tech Companies Go Global
Following a hybrid competitive strategy leads to superior financial performance in the internationalization of high-technology companies, shows a new Finnish… Read More
Manufacturers, Retailers Agree on Need to Pass Miscellaneous Tariff Bill
The introduction of legislation in the House of Representatives of a new miscellaneous tariff bill (MTB)—known as the American Manufacturing… Read More
Green Energy Actually Increases U.S. Dependence on Imports
One of the common rationales for promoting wind and solar energy technologies is to reduce dependence on foreign sources of… Read More
All about Alcohol
Liquor delivered another year of growth in 2015, according to the Distilled Spirits Council of the United States (DISCUS). Domestic… Read More
Cuba Sanctions Are Changing – But Don’t Break Out the Cigars Yet
Since President Obama has returned from his historic trip to Cuba, can American tourists now also travel to Cuba to… Read More
U.S. Cities: Don’t Abandon Trade
The steep decline of manufacturing jobs, stagnant wages, and rising anger among working class voters about their economic future has… Read More
Declining U.S. Oil and Gas Rigs Forecast Job Pain
Oil and gas prices remain at rock-bottom, and the job impacts are growing. Bureau of Labor Statistics data report that… Read More
Reshoring Initiative 2015 Data Report: Reshoring Balanced Offshoring in 2015
One of the hottest topics in the primary election campaign of 2016 has been the offshoring of jobs and whether… Read More
U.S. Exporters: Have You Considered the Benefits of an IC-DISC?
There have been significant changes in and repeals of tax laws affecting U.S. businesses over the last 14 years. However,… Read More
Global Credit Insurer Coface Releases Quarterly Country Risk Outlook
The global economy is becoming more like Japan’s, with low growth despite ultra-expansionist monetary policies. Surplus cash is intensifying financial… Read More
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