The Peterson Institute for International Economics has this interesting infographic guide to globalisation and what it has done to the US.
It covers the history, effects, perceptions on globalisation and has some policy recommendations for the US considering the backlash there is to it there.
Some interesting information:
1. Tariff rates have fallen of all major economies
2. China biggest source of imports to the US
3. Services the mainstay of US trade surplus
While recognising that there are winners and losers in increasing reduction of trade barriers, the piece has a set of recommendations for the US including these:
1. Use FTAs to improve competitiveness of US businesses, increase total trade and boost overall economic growth
2. Work within the WTO and various FTAs to settle disputes, ensure fairness - improve the rules of the system rather than abandoning the rules
In other words, continue to play the role of a rule maker rather than being out of it. Lessons for others too?
It covers the history, effects, perceptions on globalisation and has some policy recommendations for the US considering the backlash there is to it there.
Some interesting information:
1. Tariff rates have fallen of all major economies
2. China biggest source of imports to the US
3. Services the mainstay of US trade surplus
While recognising that there are winners and losers in increasing reduction of trade barriers, the piece has a set of recommendations for the US including these:
1. Use FTAs to improve competitiveness of US businesses, increase total trade and boost overall economic growth
2. Work within the WTO and various FTAs to settle disputes, ensure fairness - improve the rules of the system rather than abandoning the rules
In other words, continue to play the role of a rule maker rather than being out of it. Lessons for others too?
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