International Marketing depends on International Trade. International Trade has grown exponentially since WWII fostered by institutions such as the WTO, the IMF and The World Bank, plus numerous multilateral trade agreements such as NAFTA (renamed USMCA) and the EU. The purpose of these agreements is to reduce trade barriers such as tariffs among member nations. This has resulted in the growth of overall world trade, and globalization of US and foreign businesses and multinational corporations.
Provide your opinions to the four questions below and defend your point of view. You may review the material provided prior to answering these questions or do some research on your own.
- Do you think US trade policy should encourage international trade through free or reduced tariffs or encourage protectionism using trade barriers, such as tariffs? Why? Why not?
Tariffs once imposed are often reciprocal which is called a “trade war”. For example, the US imposed tariffs on 100% of Chinese imports to the US. China, in response, imposed tariffs on 100% of US goods entering China. This has resulted in less trade between the two countries, which are the two largest economies in the world, ( Note: US exports to China were down 18.3 % in 2019 and Chinese imports to the US were down 10.6%.)
- Who wins in a trade war such as the US-China trade war? Who loses? Who pays for the tariffs?
President Trump reduced US participation in international institutions such as the Paris Climate Accord, the World Health Organization (WHO), the World Trade Organization (WTO) etc… Under Under President Biden, the US rejoined the Paris Climate Accord, re-established a relationship with the WTO, and WHO, and strengthened the US alliances with NATO and the EU.
- Do you feel US cooperation and participation with International organizations and alliances benefit US business and US citizens? Why or why not?
- What do you think the long-term impact of this pandemic will be on globalization? Will this worldwide event result in increased cooperation between countries or increased isolationism/protectionism? Why do you say that?
Biden inauguration: U.S. rejoins Paris climate agreement
https://www.cnbc.com/amp/2021/01/20/biden-inauguration-us-rejoins-paris-climate-accord.html (Links to an external site.)
How a US-China trade war could hurt us all – BBC News – includes VIDEO
https://www.bbc.com/news/business-44706880 (Links to an external site.)
Trade Wars Under Pres Trump 8/19
https://www.bbc.com/news/business-48196495 (Links to an external site.)
Quick Guide to the US China Trade War
https://www.bbc.com/news/business-45899310 (Links to an external site.)
Trade wars, Trump tariffs and deficits explained – BBC News
https://www.bbc.com/news/world-43512098 (Links to an external site.)
Who pays for a trade war
https://www.cnbc.com/2019/06/03/us-china-trade-war-who-pays-for-donald-trumps-tariffs.html (Links to an external site.)
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