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.
Global Commodity Prices Plateau, Threatening Inflation Targets Amid Geopolitical Tensions
Global commodity prices, which sharply declined last year contributing to a reduction in global inflation, have now stabilized, posing challenges… Read More
WATCH: Why Can’t Economists Sell Free Trade?
Alan S. Blinder of Princeton University, presents the Institute’s third Annual O. John Olcay Lecture on Ethics and Economics at… Read More
Foreign Agricultural Service: Contributing to US Export Success in 2017
International trade was once again an engine for economic growth in rural America in 2017, with US farm and food… Read More
Section 232: Importers Have Limited Opportunities to Challenge Tariffs and Quotas
The Commerce Department last week reported publicly the findings of two investigations undertaken last year about steel and aluminum imports… Read More
Global Foreign Direct Investment Slipped In 2017: UNCTAD
Global flows of foreign direct investment (FDI) fell by 16 percent in 2017 to an estimated $1.52 trillion, from a… Read More
Largest Vessel to Call at Arrives PhilaPort From West Coast of South America
The largest container vessel to ever call at The Port of Philadelphia has arrived yesterday at the Packer Avenue Marine… Read More
Helping the American Economy Grow
I’m excited to present the US Department of Commerce’s 2018–2022 Strategic Plan. It sets out the priorities I’ve established for… Read More
What Is Trump Thinking On Trade?
Although the president withdrew from the Trans-Pacific Partnership before the deal could go into effect, he did not take action… Read More
WTO Director General: Global Economy is Evolving, We Need to Adapt
WTO Director General Roberto Azevêdo visited Dubai in the United Arab Emirates (UAE) this week to participate in the World… Read More
BREAKING NEWS—Ross to President: Hit All Steel and Aluminum Imports With Tariffs, Quotas
United States Secretary of Commerce Wilbur Ross today released reports on the department’s investigations into the impact on US national… Read More
Why the US Can’t Afford a Trade War With the EU
When Donald Trump ran for president, he promised to protect US industries from unfair trade practices. He focused on the… Read More
US Initiates Antidumping and Countervailing Duty Investigations
US Secretary of Commerce Wilbur Ross has announced the initiation of new antidumping duty (AD) and countervailing duty (CVD) investigations… Read More
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