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EconNews Online is South-Western's service to provide summaries of the latest economics news stories. Review the brief summaries and, for stories of interest, select the full summary. |
| INTERNATIONAL TRADE | |
| Title | Brief Summary |
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As American manufacturers
continue to suffer from a slow economy with unemployment high and as fears
of further reductions in demand continue, some analysts are blaming China
for America's economic woes. More specifically, they are blaming the Chinese
system that pegs their currency, the Yuan, to the dollar. This manipulation
of the Chinese currency keeps Chinese goods cheap relative to American goods
and further depresses American sale. (Updated October 1, 2003) |
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Internal strife in Venezuela,
the world's fifth-largest oil exporter, sent oil prices to their highest
levels in two months. Economists are optimistic about economic growth for
2003, strikes and political unrest in Venezuela that lead to further oil
price hikes may mitigate that optimisms by 2015, saying this proposal would
eliminate about $18 billion in tariffs that consumers currently are paying. (Updated February 5, 2003) |
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With global trade negotiations
due to begin shortly, the Bush Administration has submitted a plan to eliminate
all tariffs on industrial and consumer goods by 2015, saying this proposal
would eliminate about $18 billion in tariffs that consumers currently are
paying. (Updated January 2, 2003) |
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Although the Bush Administration
claims to be a proponent of free trade, there have been a number of instances
where talk and action have diverged. The Administration's actions, critics
claim, are winning votes for the upcoming battle over "fast-track"
trade legislation. (Updated June 1, 2002) |
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Japan's trade surplus
is growing as a result of the falling value of its currency, the yen. U.S.
policymakers believe that the weak yen will help Japan recover from recession
and a healthy Japanese economy will promote global growth. (Updated June 1, 2002) |
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The World Trade Organization
has agreed to allow China and Taiwan to join. China will have to reduce
its tariffs, eliminate subsidies, allow more foreign investment, and abide
by copyright regulations. Increased trade and investment will benefit businesses,
workers, and consumers around the world. (Updated December 1, 2001) |
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The United States signed
an historic trade agreement with Vietnam that will slash American tariffs
on Vietnamese exports and open the world's largest market to Vietnamese
goods. (Updated December 1, 2001) |
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Japan released data confirming
that output of goods and services contracted in the second quarter of this
year. Japan is technically not in recession, since last quarter's gross
domestic product figures were revised to show a slight increase . (Updated October 1, 2001) |
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Two economists, Stephen
L. Parente and Edward C. Prescott argue in "Barriers to Riches," that poor
countries remain poor because of policies established in those countries
that prohibit the adoption of more productive technologies. (Updated July 1, 2001) |
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Less than two months
after an agreement that ended a trade war between the United States and
the European Union (EU) over bananas, the same parties appear to be headed
for another conflict, this time over steel. (Updated July 1, 2001) |
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Free trade has been
one of the top concerns of the last as well as the current administration.
But the pursuit of free trade apparently does not apply to the sugar industry.
(Updated June 1, 2001) |
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Faced with an increased
number of bilateral trade agreements with numerous countries, Brazil has
responded by requiring its diplomats to study economics. Brazil is trying
to avoid the mistakes it made in the early 1990s during negotiations with
the U.S. and European countries. (Updated June 1, 2001) |
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President Bush and leaders
from 33 Western Hemisphere countries gathered in Quebec to discuss a proposal
for the establishment of a Free Trade Area of the Americas (FTAA). Free
trade, it is argued, increases the flow of goods, people and ideas. (Updated May 1, 2001) |
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The new U.S. Administration
may usher in a change in U.S. economic policy with respect to a number of
international issues. Recent world financial crises, the ever-growing trade
deficit, high dollar, competition from the euro, antiquated world financial
structure, and the impact of a U.S. recession on other economies are challenges
that will occupy the Bush Administration. (Updated February 1, 2001) |
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Chiquita Brands International,
the largest and most well known producer of bananas in the world, is threatening
to declare bankruptcy due to the EU's decision to place trade restrictions
on banana imports. The EU quotas have cost Chiquita $200 million a year
since 1992. (Updated February 1, 2001) |
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The EU has petitioned
the WTO to approve more than $4 billion in trade sanctions on U.S. goods
and services, a request based upon an illegal tax break that the U.S. grants
to exporters. (Updated December 1, 2000) |
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The strong U.S. dollar
has raised the price of our exports to foreign countries and lowered the
price of their imports. The steel industry has been hurt especially hard
by the strong dollar and has made a plea to President Clinton to impose
restrictions on the import of foreign steel. (Updated December 1, 2000) |
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Some think that a trade
agreement between a more developed and a less developed economy amounts
to exploitation of the less developed economy's workers. Looking at the
NAFTA's results, we find that exports have grown to nearly a third of Mexico's
$500 billion economy and export growth is responsible for at least half
of the 3 million jobs created since 1994. (Updated October 1, 2000) |
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The U.S. trade deficit
is large and growing larger, causing concern among some economists and policymakers.
Some analysts believe that the trade deficit is the single biggest threat
to the current expansion of the economy. (Updated July 1, 2000) |
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The World Bank and IMF
have proposed allowing some of the poorest African and Latin American nations
to sell their goods to Western industrialized nations without tariffs or
quota. The Clinton administration opposes measures to reduce tariffs because
it could endanger support for its Africa trade bill… (Updated May 1, 2000) |
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Western Hemisphere countries
are attempting to follow the example of the European Union by creating a
detailed framework for a Free Trade Area of the Americas agreement. The
agreement would reduce or eliminate tariffs and other trade restrictions
and open these economies to foreign investment. (Updated January 1, 2000) |
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The Commerce Department
reported that the nation's current account deficit increased by $9 billion
to a record $89.95 billion in the third quarter. The record trade deficit
will likely be a matter of concern for the Clinton Administration, which
has pushed free trade as a matter of national policy. (Updated January 1, 2000) |
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The U.S. trade deficit
hit another record in March - the third month in a row. For the first three
months of 1999, the deficit is running at an annual rate of $222 billion,
which is the highest deficit ever recorded. (Updated July 1, 1999) |
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In spite of the benefits
of trade, protectionist sentiment is growing in part because global competition
and measures to achieve efficiency have sometimes resulted in layoffs and
plant closings. Alan Greenspan, chairman of the Federal Reserve, has entered
the debate, denouncing protectionist pressures. (Updated June 1, 1999) |
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U.S. exports have been
hit hard by Asia's financial crisis and by the devaluations in Russia and
Brazil. Exports to Europe have remained strong, supporting profits for U.S.
companies. There are, however, clouds on the horizon. (Updated April 1, 1999) |
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The turmoil in the
world's financial markets has devalued the currency of a number of nations.
In response, a number of countries have sought to export their way out of
recession and, consequently, have been flooding the U.S. with their goods. (Updated January 1, 1999) |
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The U.S. is threatening
to place prohibitive tariffs on millions of dollars of European products
in retaliation for the European Union's (EU) decision to place trade restrictions
on banana imports. (Updated December 1, 1998) |
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Since the passage
of NAFTA, foreign auto and auto-parts producers have greatly increased their
investments in factories in Mexico. Auto exports from Mexico to the U.S.
have increased markedly. (Updated August 12, 1998) |
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India Blasted
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President Clinton, responding
to India's conducting nuclear tests, imposed major economic sanctions on
India. The sanctions halt credit, guarantees or other financial aid by U.S.
governmental agencies.... (Updated May 22, 1998) |
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Japan's economy has
been stagnant and to revive it the ruling Liberal Democratic Party has proposed
a $124 billion stimulus program, which does not include a tax cut proposal. (Updated May 19, 1998) |
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Ecuador's Economy Heads South
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Ecuador's economy is
showing signs of distress. In late March, Ecuador's central bank allowed
the sucre, Ecuador's national currency, to be devalued by 6%, a move brought
on by a multitude of problems, including budget deficit and foreign debt. (Updated May 19,1998) |
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President Clinton
has proposed establishing emissions as a commodity that can be traded internationally.
This proposal would be an international extension of a system created domestically
under the Clean Air Act of 1990. (Updated January 15, 1998) |
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