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Posted: September 12th, 2022
Choose five U.S. government policies
International Business
Address the following 3 items in an essay.
1). Choose five U.S. government policies that affect trade with foreign nations.
2). Identify three factors of production, and describe how their mobility is good or bad for U.S. trade
3). Distinguish between absolute advantage and comparative advantage trade theories and give examples
Choose either the TPP or the T-TIP free trade agreement and describe which other countries have signed on and why the U.S. Senate should ratify or not ratify the agreement. Also, explain how regional trading groups influence organizations.
Use information from these references (I will attach them)
Burnson, P. (2016). Shape up or ship not. Logistics Management, 55(1), 40–43.
Dwyer, R. (2015). TPP to the rescue. Euromoney, 46(559), 73–76.
Knowler, G. (2015). The good, bad and ugly of the TPP. The Journal of Commerce, 16(22), 36.
Ozgen, E. (2011). Porter’s diamond model and opportunity recognition: A cognitive perspective. Academy of Entrepreneurship Journal, 17(2), 61–76.
Foreign trade in US is different from one country / trader to another. It is the largest importer and exporter of goods and services and the largest world economy. Trade is important to the prosperity of America because it fuels economic growth; supports better jobs in America, enhancing the living standards of Americans standards and making enabling Americans to afford goods and services for their families (Krist, 2014). However, the trade process is regulated through the existence of different tariffs, agreements and legal systems. This essay will discuss some of the government policies that affect foreign trade, factors of production and how their mobility affect trade and the difference between absolute and comparative advantage of trade theories.
Item one
These United States government policies include: Antidumping, International Organic Trade Policy, Generalized System of Preferences (GSP), Countervailing Duty Laws, The General Agreement on Tariffs and Trade (GATT) Act of 1947 and the other numerous trade agreement United States has with more than 20 other nations (The World Trade Organization, ND). The objectives of the policies of United States on international trade are set aside to secure America from any form of harm while working with outside nations. To all parties concerned some of the policies are advantageous, whereas to others prevent trade relations among nations. A number of the U.S policies have empowered trade relations that are positive and established a large quantity of resources, though the Question Assignment is if or not the trade agreements have eventually hindered or helped the economy of American.
The key aim of the GATT 1947 Act is to lessen the obstacles, predominantly being levies that were hindering United States exchange with foreign countries. The GATT had various rounds of converses with several nations concerning an assortment of trade issues and regularly resolving disagreements of worldwide trade (Duke School of Law, 2014). The action taken was provisional and ultimately resulted in the formation of World Trade Organization.
Countervailing Duty Laws and Antidumping are among the levies of 1930 Act, and secures U.S from foreign countries attempting to weaken manufacturers of American. Antidumping Laws stop imports from foreign nations from being sold at a smaller amount of money compared to the value which is fair, whereas Countervailing takes place when a foreign government monetary incentives are given to manufacturers, so they have the ability to sell their items in United States at a less expensive price that manufacturer in domestic country are able to create and sell them (Braumiller Law Group, 2013). Violators found liable of countervailing or dumping might be forced to pay a lot of money in duties to the government of the United States (Taylor, 2009).
The Generalized System of Preferences was created for the purpose of promoting economic development in the nations that are most impoverished, and to train them how to use foreign trade for their economic development and become successful nations (The World Trade Organization, ND). The United States also has numerous agreements on free trade with more than twenty nations, letting farm products and food grown in America to be distributed all over the globe (Krist, 2014). By getting rid of trade tariffs and barriers, markets opening, and economic growth promotion, the agreements on trade are letting United States to the main player internationally.
Item two
The three factors of production comprises of land, labor and capital ((Factors of ProductionL Land, Labor, Capital, ND). Labor and Land are factors because whenever changes happen in these regions; trade mobility is influenced, for instance, when trees being cut down are plenty, trade mobility is affected positively, since the demand of wood is high. Conversely, if the trees being cut down are few, then the mobility of trade is affected negatively since the supply is less than the demand. Mobility of labor is better when people can are flexible in terms of movement in the job force, getting new capabilities and acclimating to the economic change of the nation. Mobility of labor is bad the employees are more than the available jobs. Nevertheless, perceiving and identifying environmental patterns is essential since it will Help individuals identify opportunities and concoct new thoughts for new ventures (Ozgen, 2011).
Item three
Absolute advantage happens when the overhead costs of producing a product is less than in any other nation all over the globe. They are the nations that will gain most from foreign trade and production since they don’t have too much overhead costs as compared to other nations and thus can sell their items at a cheap price and benefit more in the international marketplace. On the other hand, Comparative advantage happens when one nation has a less opportunity cost as compared to the other one, for instance, if it takes 8 hours for organization X to make a mattress and 2 hours to make a television, and it takes 6 hours for organization Y to make a mattress and 4 hours to make a television, organization X has the comparative advantage since it takes this organization only ¼ of the time to make the TV whereas it takes organization Y ½ of the time to come up with the same TV.
Item four
The Trans-pacific partnership is an agreement of trade generally consisting nations in Asian-Pacific and was meant to provide environmental protections, interests of Americans, human rights, and intellectual property; conversely the TPP appears to have imperfections so wrong that the president left this concurrence within short time of taking office (Murphy, 2017). The initial concurrence posed the likelihood for enormous welfare benefits for the twenty five percent of the current globalist’s trade and forty percent of the global GDP (Burnson, 2016). Other countries that have registered on to the TPP comprise of: Malaysia, Chile, Mexico, Brunei, Japan, Canada, Peru, Singapore, Australia, Vietnam, and New Zealand (Knowler, 2015). The U.S disengaged itself with this concurrence on the grounds that the president, and numerous others, felt that this concurrence was unfavorable to the long term trade success the nation. The explanations given for making this decision was that this behind this concurrence was to take away employments from Americans, eventually destroying the economy of the country, bringing down the exports and imports food safety standards, and the whole agreement secrecy (Longman, 2015). The United States ought not to confirm this concurrence as I trust that the president settled on the best choice for our nation
Groups of regional trading can positively impact associations in as much as the intention is to make trade easy between nations, this, can positively influence organizations so long as the aim is to simplify trade between countries, this, be that as it may, isn’t normally the case. Preferably, agreements of regional trade make freer flowing trade among nations possible, nevertheless, most of the times groups of regional trading will only support bills that don’t have a positive effect on member nations, resulting to a compulsory change in the law that at last have an advantage to the regional trading group (World Trade Organization, ND). The groups of regional trade that have an interest in making trade among nations simpler can greatly affect global trade since they have an interest in the entire nations rather than just a couple.
References
Braumiller Law Group. (2013, August 16). Anti-dumping and countervailingduties: How importers can protect themselves. Retrieved from Braumiller Law Group, PLLC Website: http://www.braumillerlaw.com/anti-dumping-and-countervailing-duties-how-importers-can-protect-themselves/
Burnson, P. (2016). Shap up or ship not. Logistics Management, 40-43.
Duke School of Law. (2014, June). GATT?WTO research guide. Retrieved from Duke School of Law Website: https://law.duke.edu/sites/default/files/lib/gatt.pdf
Dwyer, R. (2015, November). TPP to the rescue. Retrieved from Euromoney Website: www.euromoney,com
Factors of ProductionL Land, Labor, Capital. (ND). Retrieved from Encyclopedia.com Website: http://www.encyclopedia.com/finance/encyclopedias-almanacs-transcripts-and-maps/factors-production-land-labor-capital
Knowler, G. (2015, November 2). The good, bad and ugly of the TPP. THe Journal of Commerce, 36. Retrieved from International Maritime : www.joc.com
Krist, W. K. (2014). Trade negotiations in the americas and what they mean for you. International Trade Journal, 28(5), 394-410. Retrieved from Business Source Complete database. doi:10.1080/08853908.2014.953429
Longman, N. (2015, August 19). The Pros and Cons of the TPP. Retrieved from Business Review Europe Website: http://www.businessrevieweurope.eu/leadership/569/The-Pros-and-Cons-of-TTIP
Taylor, C. O. (2009). Of free trade agreements and models. Indiana International & Comparative Law Review, 19(3), 569-609. Retrieved from Business Source Complete database.
Ozgen, E. (2011). Porter’s diamond model and opportunity recognition: A cognitive perspective. Academy of Entrepreneurship Journal, 17(2), 61-76.
World Trade Organization. (ND). Regionalism: fiends or rivals? Retrieved from World Trade Organization Website: https://www.wto.org/english/thewto_e/whatis_e/tif_e/bey1_e.htm
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