UOP International Trade Summary Essay

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Assignment ContentPromoting 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 GDPThe dramatic fall in the world’s extreme poverty rateThe rise in world life expectancyFor 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 700- to 1,050-word 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.Discussion question Some politicians, labor unions, and special interest groups argue that US trade deficits are harmful to the economy and nations that run large trade surpluses with the US are benefiting from unfair trade practices and agreements. These parties support increasing tariffs on imports, elimination, or re-writing of trade agreements.Respond to the following in a minimum of 175 words:Discuss what credible economists say about the effects that tariffs, changing trade agreements, and/or manipulating exchange rates will have on the total US trade balance.Do you agree with their assertions? Why or why not?

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1500 Words

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International Trade Summary

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