Promoting international trade is not a zero-sum game. It is a win-win proposition; both parties gain from trade.
Consider the following:
Tariffs
are paid by the citizens of the country imposing tariffs, not by the
citizens of the country producing the products upon which the tariffs
are levied.
The term “trade deficits” is a misnomer. Every country’s trade is always in balance.
Trade
deficits do not mean the US no longer produces anything to export. The
US is the world’s second largest manufacturer and the world’s second
largest exporter of manufactured goods.
Trade deficits reflect a
strong economy. Trade deficits rise during economic expansions and fall
during economic contractions. Unemployment falls as trade deficits rise
and rises as trade deficits fall.
Imports and exports are complements, not competitors. Both are necessary and both contribute to economic growth.
Roughly one-third of all US imports and exports is trade between US multinational companies and their overseas subsidiaries.
Foreign-owned
companies operating in the US number in the thousands and provide
directly or indirectly jobs for more than 13 million US workers
(roughly, 10% of the US workforce).
US trade deficit in goods in 2018 (as a % of GDP) was the same as it was 5, 10 and 15 years earlier.
The
rise in US goods trade deficit with China has not increased the US
total goods trade deficit. It has been offset by reduced goods imports
from other trading partners.
There is a strong correlation between the rise in world trade and:
The rise in world GDP
The dramatic fall in the world’s extreme poverty rate
The rise in world life expectancy
For
every US manufacturing job lost to trade between 2000 and 2010, seven
US jobs were lost to domestic productivity improvements. Those seven
jobs cannot be brought back from overseas because they never left the
US.
Write a evaluation of credible economists’ unbiased
opinions on the benefits, costs, and results of current US trade and
tariff policies. Complete the following in your evaluation:
Evaluate how US trade policy changes in the last 2 years affect global trade activities by multinational corporations.
Discuss credible economists’ opinions on the long-term effects of trade and tariff policies changes in the last 2 years.
Explain the effect of recent changes to trade and tariff policies have had on your employer, you, or someone you know.
Cite at least 2 academically credible sources.
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