Question

Discuss non-monetary benefits open trade has contributed to the world since the end of WWII. Provide at least 2 examples. Why do you think these are important?

How have changes to US trade and tariff policies affected US trade with other nations? Consider recent (less than 2 years old) credible news sources to support your response.

Answer 1

Non-monetary benefits open trade has contributed to the world since the end of WWII are exposure to more number of goods and varieties and more transfer of technology in order to aid growth. People have access to all kinds of goods in different areas of the globe and those goods are not even produced in the local region, while technology has increased global participation and the ability to connect with one another and import recent trends and fashions at the click of a button, with all countries adopting such means rapidly because of open trade. These are important because they have increased global collaboration and participation, it has brought countries together and has led to people considering everyone equal and as a part of the global supply chain.

Implementation of US trade and tariff policies has led to reduced trade with major nations, because of higher tariffs imposed on the imports of several countries and sanctions. This has led to increased tensions and freefall of global supply chains as trade has turned out to be expensive. Even then when the goods are rerouted it has increased the level of trade with other nations while the goods actually occasionaly originate from China. But all in all U.S trade has reduced significantly with key global players such as China and Middle east given the protectionist measures imposed while it has increased with new emerging countries such as Vietnam, Taiwan and Mexico.

New York times, Economist