The United States and China have been in a trade war since when U.S. President, Donald Trump, imposed large taxes on imported Chinese products. President Trump declared a 15% tax on many American goods, and Beijing has fought back with taxes on American goods. These taxes have created tension between the two country's markets, making it harder for businesses to sell in either country. But due to new agreements, this trade war may be coming to an end.
ºìÌÒÊÓƵ Blog - By Tag: global-trade-agreement-series
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The came into effect January 1, 1994, creating the foundation for economic growth and strengthening trade relations between , , and the . Now in 2014, it has been over 20 years since NAFTA has been in place. To better understand the , we have prepared a table showing trade statistics before and after NAFTA.
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On February 19th, President Barack Obama flew to to meet with Mexican president Enrique Peña Nieto and prime minister Stephen Harper, approximately twenty years after the three nations had signed . The goal of the Toluca summit was to attempt to reduce trade frictions and come to agreement on trade conflicts between these countries. Issues discussed included Obama's trade executive order, the controversial Keystone XL oil pipeline, the "trusted traveler" program, updating NAFTA, and the Trans-Pacific Partnership.
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Few things are more for the global economy than world trade. Ever since Adam Smith laid out the economics of comparative advantage in his magnum opus, , countries have understood the importance of specialization and trade. The importance of trade remains the same today - if not more important.
gE Blog Series: Global Trade Agreements Part 1 – Introduction to the US National Export Initiative
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In his 2010 State of the Union address, President Barack Obama announced the to improve conditions affecting exporting in the private sector. Obama hoped to double exports by 2014. This would include working to remove trade barriers abroad, help firms and farmers enter new markets, and help with financing. Since the initiative was announced, over a million export-supported jobs have been created and exports have increased by over fifty percent. In 2012, US exports set a record reaching $2.2 trillion, which was 13.9% of overall GDP.