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Backfire by
Sanctions have become the go-to foreign policy tool for the United States. Coercive economic measures such as trade tariffs, financial penalties, and export controls affect large numbers of companies and states across the globe. Some of these penalties target nonstate actors, such as Colombian drug cartels and Islamist terror groups; others apply to entire countries, including North Korea, Iran, and Russia. U.S. policy makers see sanctions as a low-cost tactic, but in reality these measures often fail to achieve their intended goals--and their potent side effects can even harm American interests. Backfire explores the surprising ways sanctions affect multinational companies, governments, and ultimately millions of people around the world. Drawing on interviews with experts, policy makers, and people in sanctioned countries, Agathe Demarais examines the unintended consequences of the use of sanctions as a diplomatic weapon. The proliferation of sanctions spurs efforts to evade them, as states and firms seek ways to circumvent U.S. penalties. This is only part of the story. Sanctions also reshape relations between countries, pushing governments that are at odds with the U.S. closer to each other--or, increasingly, to Russia and China. Full of counterintuitive insights spanning a wide range of topics, from Russia's invasion of Ukraine to Iran's COVID response and China's cryptocurrency ambitions, Backfire reveals how sanctions are transforming geopolitics and the global economy--as well as diminishing U.S. influence. This insider's account is an eye-opening, accessible, and timely book that sheds light on the future of sanctions in an increasingly multipolar world.
The China-U. S. Trade War and Future Economic Relations by
Some believe in the "Thucydides Trap": the idea that, since a rising power will challenge the dominance of an established one, a China-U.S. trade war will be inevitable. Being the largest and the second largest trading nations globally, the U.S. and China are in fact each other's most important trading partners, among many aspects of their complex interrelationships. In this book, Lawrence J. Lau examines various economic statistics of the past few decades to show that while the real effects of the China-U.S. trade war in 2018 are not negligible, they are relatively manageable for both nations. There is no need to panic, despite psychological effects on the Chinese stock markets and on the renminbi exchange rate. Behind the trade war is the potential economic and technological competition between China and the U.S., which is likely to become the "new normal." It is up to each government to battle against the rise of xenophobia, based on the fact that China-U.S. economic collaboration is a potentially positive-sum game through better coordination and fully utilizing each other's currently underutilized resources. Balancing China-U.S. trade and enhancing economic interdependence are not only possible, but desirable.
Clashing over Commerce: A History of US Trade Policy by
Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in The Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin's Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation--first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. As the Trump administration considers making major changes to US trade policy, Irwin's sweeping historical perspective helps illuminate the current debate. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present.
Global Tariff War by
Global Tariff War: Economic, Political and Social Implications traces the range of impacts that global tariff wars in international trade can have on the growth and expansion of national economies. The Global economic and political status quo has faced turmoil after the US President's 2018 announcement on the imposition of import tariff steel and aluminum products. Taking as its core focus the trade war between the USA and China, this book focuses impact on the rest of the world's economies, and explores key areas including neo-protectionism, globalization and restricted trade, inflation volatility, FDI and tariff rates, and the environmental footprint of global trade tariffs. Having previously played the role of campaigner in favor of free trade since the World War II, today's United States has projected itself towards greater protectionism and patriotism. Conclusions arise that tariff wars, as well as trade wars, are damaging for national and transnational economies, as well as other sectors, such as society and environment. Evidence presented in the work illustrates that developed countries are impacted more adversely in comparison to developing zones due to this type of tariff war. Offering a range of illuminating perspectives from under explored developing economies being directly affected by these policies, this collection presents a unique critical insight into this complex and evolving area of geo-political and economic practice.
Protective Tariffs by
Contents Foreword, ix I. Introductory, 1 II. The Nature of Protection, 8 III. Critique of Popular, and Fallacious, Arguments for Protection, 17 IV. The Argument for Free Trade, 50 V. Rational Protection, 63 VI. Anti-dumping Legislation and Special Forms of Foreign Trade Control, 89 VII. The Future Commercial Policy of the United States, 107 Appendix I, 134 Appendix II, 150 Originally published in 1942. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Streamlining Non-Tariff Measures : A Toolkit for Policy Makers by
This toolkit provides a novel approach and a set of tools that allow policymakers and analysts to identify non-tariff measures (NTMs), assess their trade restrictiveness and impact on prices and welfare, and to strengthen the institutional coordination mechanism, transparency, and regulatory governance on NTMs. It also aims at encouraging economies to increasingly address the NTM agenda from a domestic competitiveness and/or poverty perspective rather than from a mercantilist standpoint of concessions to trading partners.NTMs are policy measures, other than ordinary customs tariffs, that can potentially have an economic effect on international trade in goods, changing quantities traded, or prices or both. While most NTMs are already subject to WTO disciplines, the main challenge is to allow governments to address public policy concerns without unnecessarily hurting trade competitiveness and while preventing disguised protectionism. This toolkit is predicated on the idea that the complexity and diversity of NTMs should be recognized. Problems should be identified at the country level through consultations with the private sector, and technical solutions should be sought through careful analysis and private/public dialogue. The underlying philosophy is similar to what is known as "Regulatory Impact Assessment" (RIA), but applied to the review of existing measures (no ex ante analysis), in response to specific demands from countries struggling with legacies of complicated and penalizing regulations. Dealing with existing measures has the advantage of responding to an immediate need and focusing on measures whose effects are known. The toolkit is organized as follows. Chapter 1 discusses the newly revamped NTM classification and pervasiveness of NTM. Chapter 2 elaborates on the analytics of an NTM review, walking the reader step by step through the key questions. Chapter 3 focuses on the institutional set up and key principles to successfully pursue the streamlining of regulations. Finally, chapters 4 and 5 provide some practical cases of streamlining both at the country and regional levels, and for product specific examples.
Tariffs and the Future of Trade by
With the introduction of significant tariffs on Chinese goods in 2018 and the resultant talk of a trade war between the United States and China, critical analysis has renewed itself on the usefulness of tariffs. Your readers will analyze whether tariffs are an effective means of political influence. They'll survey what effect tariffs will have on the domestic and global economy, and how tariffs will ultimately impact the future of trade. This volume offers opposing perspectives on tariffs and trade wars, further providing context on historical tariffs and global trade.
Trade Is Not a Four-Letter Word by
Trade myths, busted and debunked, with the help of six surprising everyday goods--the taco salad, the Honda Odyssey, the banana, the iPhone, the college degree, and the blockbuster HBO series Game of Thrones Trade allows us to sell what we produce at home and purchase what we don't. It lowers prices and gives us greater variety and innovation. Yet understanding our place in the global trade network is rarely so simple, and today's workers are wary of being taken advantage of. Trade has become an easy excuse for struggling economies, a scapegoat for our failures to adapt to a changing world, and--for many Americans on both the right and the left--nothing short of a four-letter word. But as Fred P. Hochberg reminds us, trade is easier to understand than we commonly think. In Trade Is Not a Four-Letter Word, you'll learn how NAFTA became a populist punching bag on both sides of the aisle. You'll learn how Americans can avoid the grim specter of the $10 banana. And you'll finally discover the truth about whether or not, as President Trump once famously tweeted, "trade wars are good and easy to win." (Spoiler alert--they aren't.) Hochberg unravels the mysteries of trade by pulling back the curtain on six everyday products, each with a surprising story to tell: the taco salad, the Honda Odyssey, the banana, the iPhone, the college degree, and the smash hit HBO series Game of Thrones. Behind these six examples are stories that help explain not only how trade has shaped our lives so far but also how we can use trade to build a better future for our own families, for America, and for the world. There is no going back. Trade Is Not a Four-Letter Word is the antidote to today's acronym-laden trade jargon pitched to voters with simple promises that rarely play out so one-dimensionally. It's time to read between the lines. Packed with colorful examples and highly digestible explanations, Trade Is Not a Four-Letter Word entertains as it dispels popular misconceptions and arms readers with a thorough grasp of the basics of trade.
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