TRADE POLICIES
IN THE U.S.
Ansal Raj Singh (21PGDM016)
Manab Chakraborty (21PGDM040)
Mouma Chowdhury (21PGDM043)
Poonam Gupta (21PGDM054)
Pronoy Roy (21PGDM057)
Rohan Roy (21PGDM066)
Suman Roy (21PGDM089)
Triparna Paul (21PGDM093)
INTRODUCTION
Each branch of the United
States government,
particularly the
Legislative, Executive, and
Judicial branches,
contributes to the
country's trade policy.
The table demonstrates
the basic structure of U.S.
trade policy:
COMPONENTS OF U.S. TRADE POLICY
Safeguarding US National Sovereignty
Basic principles Over Trade Policy
Strictly Enforcing U.S. Trade Laws
Date:2017 The Trump Administration accepts that it is
fundamental to both the United States and the
world exchanging framework that all U.S.
1 Shielding U.S. National Consistent with these important protections and exchange laws be stringently and adequately
Sovereignty Over Trade Policy applicable U.S. law, the Trump Administration implemented. We emphatically support genuine
2 Separating unjustifiable exchange will aggressively defend American sovereignty market-based contests – and we invite the
obstructions different business over matters of trade policy. association of any country that concurs with us.
sectors that block U.S. trades,
including commodities of Tragically, in any case, huge bits of the worldwide
agricultural goods. economy don't reflect market influences.
3 Keeping a fair arrangement that
pays special mind to the interests
of all sections of the U.S. Utilizing Leverage to Open Foreign Markets Negotiating New and Better Trade Deals
economy, including assembling,
farming, and administrations, just In 2000, the U.S. import/export imbalance in
as private companies and business
The Trump Administration trusts that U.S. fabricated products was $317 billion. Last year, it
people.
laborers, ranchers, farmers, administrations was $648 billion – an increment of 100%. Our
4 Refreshing current economic
suppliers, and organizations huge and little import/export imbalance in labor and products with
alliance as important to reflect
changing occasions and economic ought to have a free and reasonable opportunity China took off from $81.9 billion out of 2000 to
situations to contend all over the planet. Such access nearly $334 billion every 2015, an increment of
5 Stringently upholding U.S. benefits the U.S. economy, as Americans would more than 300 percent. The Trump Administration
exchange laws to forestall the have bigger and more aggressive business has confidence in free and reasonable exchange,
U.S. market from being contorted sectors in which to sell and we are anticipating creating further
by unloaded as well as sponsored exchanging associations with global accomplices
their labor and products.
imports that hurt homegrown
who share that conviction.
ventures and laborers.
U.S TRADE POLICY OVER 5 YEARS
North American Free Trade Agreement(NAFTA)-
NAAEC established a commission, namely CEC, comprising representatives of three counties i.e. US, Mexico, and
Canada to support regional environmental cooperation initiatives and to balance the trade. CEC( Commission for
Environmental Cooperation ) approved the Operational plan 2017-18 and outline the new trilateral work
program focused on strengthening the nexus between tread and environment of the three countries, i.e., the US,
Mexico, and Canada.
Korea-U.S. Free Trade Agreement (KORUS FTA)
The US govt. addresses the KORUS FTA compliance and other trade issues on a regular basis through inter-
sessional consultation, respective embassies, and through others' continual engagement with the Korean
Government in order to resolve trade-related issues in a timely manner.
Trump tariff:
During the presidency of Donald Trump as part of his “America First” economic policy to reduce the trade deficit
of the US by shifting the US trade policy from multilateral free trade agreement to lateral trade deals.
U.S.- India Trade Relationship:
In 2019 USTR took an initiative to review India’s eligibility to receive Generalized System of Preferences (GSP)
program benefits based on concerns related to its compliance with the GSP market access criterion.
U.S TRADE POLICY OVER 5 YEARS
United States-Taiwan Trade Relations:
The US – Taiwan Trade and Investment Framework Agreement
Council was formed to resolve any issues affecting the US –
Taiwan trade and investment relationship. The US continues to
work to address and resolve the broad range of trade and
investment issues important to the US stack holders through
engagement under the TIFA Framework.
United States–European Union Trade Agreement:
The US Trade and Investment relationship with the EU is the
largest and most complex economic relationship in the world. In
2019, the office of the US Trade Representative(USTR) issued a
Federal Register notice seeking public comment on a proposed US-
EU Trade agreement, including interest and priorities to develop
the U.S. negotiating position. In 2019, the US President and EU
Commission President announce the formation of an Executive
Working Group to work on a new and Wide-ranging approach to
eliminate tariff and non-tariff trade barriers and increase trade.
U.S TRADE POLICY OVER 5 YEARS
The United States–United Kingdom Trade Agreement:
After Brexit, in 2019 USTR issued a Federal Register notice seeking public comment on a proposed US – UK Trade
agreement, including interest and priorities to develop the US negotiating position.
U.S.-Southeast Asia and Pacific Trade Relations:
To peruse trade agreement with nations in the Indo-Pacific that want to partner with the US and will abide by the
principles of fairness and reciprocity, The United State met with different countries of South East Asia and the
Pacific with shall increase US economic growth, promote job creation, ensure reciprocity and increase the export.
US – Australia Free Trade Agreements:
The US and Australian governments were in regular touch with each other to review the workings of FTA. In 2018
both the countries review the operation of the FTA and addressed some major issues related to goods, services,
investment, etc., resulting in an increase in the trade of goods and services between the US and Australia.
United States–China Economic and Trade Agreement:
The United States and China signed the "Phase One Deal," a landmark economic and trade agreement, on January
15, 2020. In the areas of intellectual property, technology transfer, agriculture, financial services, and currency and
foreign exchange, this Phase One Agreement needs structural reforms and other improvements to China's
economic and trade policy.
ANALYSIS
Free trade agreements are treated as that regulate the tariff taxes & duties that the USA imposes on their
imports and exports. For example, NAFTA is a well-known trade agreement of the USA. For FTA there are many
pros and cons to increasing economic growth(1%- 5% per year) and lower govt spending, technology transfer.
The adoption of NAFTA corresponded with a 30 percent reduction in manufacturing employment, from 17.7
million in 1993 to 12.3 million in 2016.
The unemployment rate in December 2017 was 4.1 percent, which was lower than it was at the end of 1993.
(6.5 percent ).
Effects of Dumping:
Because of FTA and other trade agreements which favors the manufacturing company dumps its commodity in
USA market for a short period for this reason USA’s industries affected for a long while and they couldn’t
compete in the domestic market.
For example, before China joined the WTO from 1984-2000. USA industrial production grew almost 71%. In the
period from 2000 to 2016 USA industrial production grew by less than 9%.
Bilateral Trade:
Last few years USA govt use focus on bilateral trade agreements. USA trade with other nations is worth $4.9
trillion per year. The top 3 largest trading partner of the USA is Mexico, Canada, and China, their total export
worth is nearly $1.9 trillion. Along with that china is the largest exporter of the USA market. Their total export( in
the year 2020)to the USA market is $435.4 billion.
ANALYSIS
BIBLIOGRAPHY
https://guides.loc.gov/united-states-trade-policy/elements#s-lib-ctab-22124340-2
https://ustr.gov/trade-agreements
https://guides.loc.gov/united-states-trade-policy/legal-foundations
https://www.cfr.org/blog/five-points-about-us-trade-over-last-thirty-years
https://www.usda.gov/topics/trade/trade-policies-and-procedures
THANK YOU!
