The Impact of Incoming US Administration on Global Trade Relations

Why did it take decades and an “unconventional” President to realize that the United States had significantly lost out to a “trading partner”? For 2017, United States trade deficit with China was estimated as being over $300 billion. What can be said for now – and what is certain for sure, is that trade gains made by the United States' formidable trading partner, China, were evident – but that millions of Americans either failed to acknowledge its potential or the possibility that it could eventually – and even soon, replace the world's economic leader. It is also possibly the case that it is much clearer for the general populace that are worst hit by the “unbeneficial” trade deals, to see through the picture – and realize what is happening, than those wealthier classes living in “La La land”.

President Trump Issues Trade-Related Executive Orders and Memoranda

The American Journal of International Law ◽

10.1017/ajil.2017.81 ◽

2017 ◽

Vol 111 (4) ◽

pp. 1045-1053

Keyword(s):

United States ◽

Trade Deficit ◽

The United States ◽

Total Trade ◽

Executive Orders ◽

Electoral Success ◽

Executive Action ◽

Trade Deals ◽

The United States' total trade deficit in 2016 was $502.3 billion. President Trump believes that the deficit—and especially its consequences (“wealth … stripped from our country”), causes (“bad trade deals”), and images (“shuttered factories”)—played a prominent role in his electoral success in 2016. Since taking office, Trump has signed a series of executive orders and memoranda on trade in order to fulfill various campaign promises on this front. The executive orders and memoranda focus mainly on gathering information and laying groundwork for future executive action. Taken together, they signal the Trump administration's intention to address the United States' trade deficits, especially with China.

Government Support of Private Claims to Public Minerals: Western Mineral Rights

The Business History Review ◽

10.2307/3114091 ◽

1979 ◽

Vol 53 (3) ◽

pp. 364-385 ◽

Cited By ~ 7

Author(s):

Gary D. Libecap

Keyword(s):

United States ◽

Economic Growth ◽

Land Tenure ◽

Trade Deficit ◽

The United States ◽

Government Support ◽

Legal Rights ◽

Agrarian Society ◽

Mineral Rights ◽

“Gold is where you find it,” said the old prospector. It has long been recognized, in one way or another, that it belongs to him who can find it and extract it, and that the rules of land tenure and use formed in an agrarian society would serve poorly to define legal rights. In the middle of the nineteenth century, the demand for gold was particularly high. Its vital significance to American economic growth is revealed in the fact that the chronic foreign trade deficit of the United States in these years was balanced by two main elements: capital imports and gold exports. Professor Libecap shows just how pragmatic Americans could be about the impact of economics upon law under such circumstances, and draws a picture of a land use code that proved as malleable as the glittering metal it called forth.

The Influence of D. Trump’s Policy on International Trade

International Trade and Trade Policy ◽

10.21686/2410-7395-2019-3-65-82 ◽

2019 ◽

pp. 65-82 ◽

Cited By ~ 1

Author(s):

K. O. Chudinova

Keyword(s):

United States ◽

International Trade ◽

Trade Deficit ◽

Developed Countries ◽

The United States ◽

The European Union ◽

Trade Relations ◽

Free Competition ◽

The Us ◽

Trade War

The increasing level of tension in the trade relations between the United States and other countries, especially China; the potential escalation of trade wars, when countries take more and more explicit retaliatory protectionist measures, becomes a sustainability risk to development of international trade. The US actions taken in 2018–2019 to protect the internal market turned into into a full-fledged trade war, directed primarily against China - the country the United States has the largest trade deficit with. The introduction of the US tariff restrictions on imports from China and several other countries has caused retaliatory measures, as a result the uncertainty of the prospects for international trade increases. Non-tariff measures, such as phytosanitary requirements and technical barriers to trade, have also seen an increase in restrictions.An important source of controversy is the different positions of countries regarding the permissible degree of state support for enterprises. Developed countries, especially the United States, Japan, and the countries of the European Union, have fairly rigidly regulated rules regarding free competition. A cause for great concern is not only the US trade war with China and its consequences for other countries, but also the problems of international trade regulation.

IMPACT OF THE UNITED STATES AND CHINA TRADE WAR ON GROWTH IN ASEAN COUNTRIES

International Journal of Research -GRANTHAALAYAH ◽

10.29121/granthaalayah.v7.i3.2019.944 ◽

2019 ◽

Vol 7 (3) ◽

pp. 64-78

Author(s):

Kamran Jafarpour Ghaleh Teimouri ◽

Seyed Mohammad Taghi Raeissadat

Keyword(s):

United States ◽

Gross Domestic Product ◽

The United States ◽

United States Government ◽

Domestic Product ◽

The World ◽

Trade War ◽

Asean Countries ◽

The Impact ◽

For more than a century, American had the biggest economy and the highest Gross Domestic Product (GDP) about 24.1%. On the other side of the world. Recently, China with 15.1% Gross Domestic Product (GDP) placed as the second biggest and the most influential economy in the world in 2017 (World Bank, 2019). Therefore, China and United States together have over 40% of the world GDP with the huge spatial economic influence in the world. The impact of a trade war between the United States and China has a negative influence in other countries and regions in particular in the ASEAN countries. The ASEAN countries are very exposed to China and United States they are more vulnerable to trade war between the United States and China. This study first evaluates the degree of negative impact of China and United States trade war on ASEAN countries. After that, show how an effective regional economic integration can minimize such problems in future. This research is based on available secondary data in United States government reports (e.g., United States Department of State, Office of United States trade) and (e.g. OCBC Bank and ASEAN). Based on data and research the descriptive-analytical method is used in this paper.

TARIFF ELIMINATION UNDER THE TRANS-PACIFIC PARTNERSHIP AND ITS IMPACT ON INDONESIA’S TRADE BALANCE

Journal of Indonesian Economy and Business ◽

10.22146/jieb.28252 ◽

2019 ◽

Vol 34 (1) ◽

pp. 17

Author(s):

Pritish Kumar Sahu

Keyword(s):

United States ◽

Trade Deficit ◽

Trade Agreement ◽

Trade Agreements ◽

The United States ◽

Trade Surplus ◽

Long Run ◽

Partnership Agreement ◽

Gains And Losses ◽

Introduction: Indonesia has signed, and is in the process of signing, many bilateral and regional Free Trade Agreements (FTAs). Whether these trade agreements will benefit Indonesia on the economic front or not is still a matter for discussion. Background Problem: Signing TPP, raises many questions as to how this would affect the countries in Asian regions, including Indonesia. Novelty: Considering the criticism of CGE (Computer General Equilibrium) model, this paper uses the SMART simulation model, based on a partial equilibrium approach, to estimate the aggregate and commodity-level gains and losses for Indonesia with its partner countries during the post-tariff elimination period. Research Method: This study uses the World Bank’s World Integrated Trade Solution (WITS) Database. This database contains trade data for all the countries under a different nomenclature viz. at the two-digit, four-digit, and six-digit level. We use the HS-classified nomenclature at the six-digit level in order to estimate the impact of the removal of tariffs on Indonesia’s trade, i.e. both exports and imports. Findings: The finding reveals that if Indonesia does not take part in the Trans-Pacific Partnership Agreement, it will still have a trade surplus of $1.6 billion with the Trans-Pacific countries but joining the bloc would result in a trade deficit of $19 million. Joining the bloc would increase the imports from Japan, followed by the United States and Australia as against an increase in exports to the United States, followed by Malaysia and Vietnam. The post Trans-Pacific Partnership period will have many implications for Indonesia, it may face difficulties exporting to the member countries, even with an existing trade agreement, while in the long run the Trans-Pacific Partnership bloc could limit Indonesia’s trade prospects with these Pacific Rim countries and it may limit Indonesia influencing WTO outcomes. Conclusion: Trade agreements seem to have benefited Indonesia’s economy and its people in many ways over the years, even though it has an important cost for some people.

How the iPhone Widens the United States Trade Deficit with the People's Republic of China

SSRN Electronic Journal ◽

10.2139/ssrn.1729085 ◽

2010 ◽

Cited By ~ 50

Author(s):

Yuqing Xing ◽

Neal C. Detert

Keyword(s):

United States ◽

Trade Deficit ◽

The United States ◽

People’S Republic Of China ◽

People's Republic Of China ◽

Republic Of China ◽

The Impact of NAFTA on Australia’s Trade and the Implications of Preferential Trade

Political Science Undergraduate Review ◽

10.29173/psur67 ◽

2016 ◽

Vol 2 (1) ◽

pp. 78-84

Author(s):

Jarrad Marthaller

Keyword(s):

United States ◽

Free Trade ◽

Trade Agreement ◽

Trade Agreements ◽

The United States ◽

Preferential Trade Agreements ◽

Preferential Trade ◽

Trade Relations ◽

Strong Relation ◽

This article will be exploring and evaluating trade relations between Australia and The United States of America, with a particular focus on the effects of NAFTA (North American Free Trade agreement) on the amount of trade between these two countries. I used trade data available over a narrow span of several decades in order to create several tables that document the change in volume of trade between Australia and The United States in an attempt to demonstrate that NAFTA and Preferential Trade Agreements in general run contrary to the principles of free trade that the World Trade organization espouses. By showing a strong relation between a downturn in the demand for Australian exports and the timing of the NAFTA’s signing, I show that Preferential Trade Agreements such as NAFTA and more recently, the Trans-Pacific Partnership may be leading to protectionist regional blocs.

Review on South Korea-United States Trade Relations: The Significance of America First’s Doctrine

AEGIS : Journal of International Relations ◽

10.33021/aegis.v4i1.882 ◽

2020 ◽

Vol 4 (1) ◽

Author(s):

Demeiati Nur Kusumaningrum ◽

Septian Nur Yekti

Keyword(s):

United States ◽

South Korea ◽

Free Market ◽

The United States ◽

Pharmaceutical Products ◽

Trade Relations ◽

Us Economy ◽

History Of ◽

Pricing And Reimbursement ◽

AbstractThe United States under President Donald Trump administration is marked by several government policies aimed at returning US leadership to the world political arena in both the economic and security fields. He argues that economic policy through the doctrine of America First will save income and create jobs for Americans and will help restructure the US economy. This paper describes the impact of America First's doctrine on US trade relations with South Korea. Refering to the history of US trade relations, the free market system has become a priority in international negotiations, both through bilateral and multilateral agreements. It examines South Korea has come out of the spirit of free trade agreed by the two countries. Since the implementation of Korus FTA until 2017, South Korea has adopted a policy pattern that initially did not comply with the poin of agreement. In March 2016, the senate head of the financial commission sent a letter to the South Korean ambassador discussing the implementation of commitments to data flow, transparency and predictability of pricing and reimbursement of pharmaceutical products and medical devices, and the possibility of US companies investing and operating with companies South Korea. The proposal for renegotiation was approved by South Korea in October 2017, which agreed to hold discussions for modification and amendment and fulfill the necessary domestic procedures in December 2017.Keywords: America First Doctrine, Foreign Policy, Korea, Negotiation, Trade

Sino-US Trade and Trade War

Management and Economics Research Journal ◽

10.18639/merj.2019.879180 ◽

2019 ◽

Vol 5 ◽

pp. 1

Author(s):

Usha Kashyap ◽

Neha Bothra ◽

◽

Keyword(s):

United States ◽

The United States ◽

The European Union ◽

Trade Relations ◽

Cross Border ◽

Economic Association ◽

The World ◽

Trade War ◽

Cost Efficient ◽

Trade has been one of the most primary reasons behind economic association. Cross-border trade not only makes the markets cost-efficient but rather also brings up a higher degree of specialization to the respective nations. Bilateral trades have proven to be quintessential to both sides of the deal. However, on a parallel front, every economy has a self-interest toward the domestic produce, and they also try to defend their local manufacturers from cross-border competition. The United States has an “America-first” policy. Whenever the United States imposes tariffs and duties, similar responses have been observed by China. These moves are an area of great concern for global trade. The impact is often visible on the rest of the world. A trade-off exists between domestic economic growth and favored imports. This study is an attempt to discuss the trade relations between the United States and China and how this has led to a trade war. The trade tensions between the United States and China may continue for a few more years. There is a battle for economic supremacy and global leadership. This study explains why the United States is increasing tariffs on Chinese goods and how China is retaliating. This US–China trade war has affected not only the two economies but also the world economy. This study elucidates the repercussions of trade war on the international supply chain and the countries of the European Union. This study has also endeavored to discuss the impact of this trade war on the Indian economy. It is a golden opportunity for India to increase exports to China, the United States, and Europe.

Perception, Misperception, and Sensitivity

Strategic Adjustment and the Rise of China ◽

10.7591/cornell/9781501709180.003.0004 ◽

2017 ◽

Cited By ~ 1

Author(s):

Daniel W. Drezner

Keyword(s):

United States ◽

Global Financial Crisis ◽

The United States ◽

Chinese Economy ◽

Chinese Market ◽

Global Finance ◽

Trade Relations ◽

Financial Transactions ◽

The Impact ◽

Global Financial System

This chapter analyzes the impact of the rise of the Chinese economy on the international economic structure. While looking at the rapid growth of the Chinese economy, analysis reveals that China has yet to challenge the United States as the anchor of the global financial system: the renminbi remains negligible in international financial transactions. Indeed, since the 2007–8 global financial crisis, the U.S. dollar has expanded its importance relative to the renminbi in global finance. The chapter suggests that the renminbi is far from becoming a significant international reserve currency and that the United States will continue to dominate the regional financial order. In trade relations, however, the chapter establishes the significant importance of the Chinese market for economies throughout East Asia.