Question

What were the United States' main imports and exports during the 1990s? What trade barriers were in place during that decade? What are the pros and cons of the trade barriers used?

Answer 1

During the 1990s, i.e., from 1990 thru 1999, United States imported goods and services of magnitude $710,538 Million and exported 551,813 Million worth of goods and services making it net importing nation i.e., imports exceeds exports. The import and export figures are non-seasonally adjusted. Its top export commodities include, inter alia, refined petroleum, cars, integrated circuits, Medical instruments, polymers, soybeans etc. Imports include crude oil, computers, cars, diamonds, rubber, etc.

Trade barriers are government imposed restraints for free trade of goods and services to support the development of domestic industries or to flourish them. Japan, Brazil, India had highest trade barriers and US initiated negotiations to lift tariffs or face retaliation which means the export market for these countries dampening. During this time US identified 35 countries and 2 trading blocks having significant barriers to trade and classified them as most important obstacles to US exports.

The main disadvantages of trade barriers include, among others, reduced choice consumers, consumer dissatisfaction, retaliation leading to growth stagnation, reduced world output growth along with strained relations among countries.