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Author: Mary Amiti
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper explores the impacts of the Trump administration's trade policy on prices and welfare. Over the course of 2018, the U.S. experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network, reductions in availability of imported varieties, and complete passthrough of the tariffs into domestic prices of imported goods. Overall, using standard economic methods, we find that the full incidence of the tariff falls on domestic consumers, with a reduction in U.S. real income of $1.4 billion per month by the end of 2018. We also see similar patterns for foreign countries who have retaliated against the U.S., which indicates that the trade war also reduced real income for other countries.
Author: Mary Amiti
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper explores the impacts of the Trump administration's trade policy on prices and welfare. Over the course of 2018, the U.S. experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network, reductions in availability of imported varieties, and complete passthrough of the tariffs into domestic prices of imported goods. Overall, using standard economic methods, we find that the full incidence of the tariff falls on domestic consumers, with a reduction in U.S. real income of $1.4 billion per month by the end of 2018. We also see similar patterns for foreign countries who have retaliated against the U.S., which indicates that the trade war also reduced real income for other countries.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Alberto Cavallo
Publisher: International Monetary Fund
ISBN: 1513518380
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
We use micro data collected at the border and at retailers to characterize the effects brought by recent changes in US trade policy - particularly the tariffs placed on imports from China - on importers, consumers, and exporters. We start by documenting that the tariffs were almost fully passed through to total prices paid by importers, suggesting the tariffs' incidence has fallen largely on the United States. Since we estimate the response of prices to exchange rates to be far more muted, the recent depreciation of the Chinese renminbi is unlikely to alter this conclusion. Next, using product-level data from several large multi-national retailers, we demonstrate that the impact of the tariffs on retail prices is more mixed. Some affected product categories have seen sharp price increases, but the difference between affected and unaffected products is generally quite modest, suggesting that retail margins have fallen. These retailers' imports increased after the initial announcement of possible tariffs, but before their full implementation, so the intermediate passthrough of tariffs to their prices may not persist. Finally, in contrast to the case of foreign exporters facing US tariffs, we show that US exporters lowered their prices on goods subjected to foreign retaliatory tariffs compared to exports of non-targeted goods.
Author: Douglas A. Irwin
Publisher: University of Chicago Press
ISBN: 022639901X
Category : Political Science
Languages : en
Pages : 873
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Book Description
A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs
Author: Etel Solingen
Publisher: Cambridge University Press
ISBN: 110883356X
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
An accessible overview of political, economic, and strategic dimensions of global supply chains in a changing global political economy.
Author: Petros C. Mavroidis
Publisher: Princeton University Press
ISBN: 0691206597
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
"China's accession to the World Trade Organisation (WTO) in 2001 was hailed as the natural conclusion of a long march that started with the reforms introduced by Deng Xiaoping in the 1970s. However, China's participation in the WTO since joining has been anything but smooth, and its self-proclaimed "socialist market economy" system has alienated many of its global trading partners - as recent tensions with the United States exemplify. Prevailing diplomatic attitudes tend to focus on two diametrically opposing approaches to dealing with the emerging problems: the first is to demand that China completely overhaul its economic regime; the second is to stay idle and accept that the WTO must accommodate different economic regimes, no matter how idiosyncratic and incompatible. In this book, Mavroidis and Sapir propose a third approach. They point out that, while the WTO (as well as its predecessor, the General Agreement on Tariffs and Trade [GATT]) has previously managed the accession of socialist countries or of big trading nations, it has never before dealt with a country as large or as powerful as China. Therefore, in order to simultaneously uphold its core principles and accommodate China's unique geopolitical position, the authors argue that the WTO needs to translate some of its implicit legal understanding into explicit treaty language. Focusing on two core complaints - that Chinese state-owned enterprises (SOEs) benefit from unfair trade advantages, and that domestic companies (both private as well as SOEs) impose forced technology transfer on foreign companies as a condition for accessing the Chinese market - they lay out their specific proposals for successful legislative amendment"--.
Author: Guoyong Liang
Publisher: Taylor & Francis
ISBN: 1000165027
Category : Business & Economics
Languages : en
Pages : 113
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Book Description
An unprecedented trade war broke out between the world’s two largest economies in 2018 and escalated subsequently. It is the first major economic conflict to occur in the era of globalization, with its aftermath going far beyond trade. The trade war weighs heavily on China and the United States and threatens the world economy and the global trading system. This book provides a timely account of the China–US trade war with insights into its causes and consequences. Examining through the lenses of both history and theory, it analyzes the context and causes of the trade war, the intertwined processes of tariff combat and trade negotiations, and the impacts on international trade, foreign direct investment, macroeconomic performance and firm behaviour. It also addresses the long-term strategic and geopolitical implications of the ongoing trade and economic confrontation. This book will appeal to those interested in international economics and politics, global governance and development.
Author: Pablo D. Fajgelbaum
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 37
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Book Description
We analyze the impacts of the 2018 trade war on the U.S. economy. We estimate import demand and export supply elasticities using changes in U.S. and retaliatory tariffs over time. Imports from targeted countries declined 31.5% within products, while targeted U.S. exports fell 11.0%. We find complete pass-through of U.S. tariffs to variety-level import prices. Using a general equilibrium framework that matches these elasticities, we compute the aggregate and regional impacts. Annual consumer and producer losses from higher costs of imports were $68.8 billion (0.37% of GDP). After accounting for higher tariff revenue and gains to domestic producers from higher prices, the aggregate welfare loss was $7.8 billion (0.04% of GDP). U.S. tariffs favored sectors located in politically competitive counties, but retaliatory tariffs offset the benefits to these counties. We find that tradeable-sector workers in heavily Republican counties were the most negatively affected by the trade war.
Author: Henning Steinfeld
Publisher: Food & Agriculture Org.
ISBN: 9789251055717
Category : Business & Economics
Languages : en
Pages : 418
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Book Description
"The assessment builds on the work of the Livestock, Environment and Development (LEAD) Initiative"--Pref.
Author: Richard Baldwin
Publisher: Harvard University Press
ISBN: 067466048X
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
An Economist Best Book of the Year A Financial Times Best Economics Book of the Year A Fast Company “7 Books Microsoft CEO Satya Nadella Says You Need to Lead Smarter” Between 1820 and 1990, the share of world income going to today’s wealthy nations soared from twenty percent to almost seventy. Since then, that share has plummeted to where it was in 1900. As the renowned economist Richard Baldwin reveals, this reversal of fortune reflects a new age of globalization that is drastically different from the old. The nature of globalization has changed, but our thinking about it has not. Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. That is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before—which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion. It is the driving force behind what Baldwin calls “The Great Convergence,” as Asian economies catch up with the West. “In this brilliant book, Baldwin has succeeded in saying something both new and true about globalization.” —Martin Wolf, Financial Times “A very powerful description of the newest phase of globalization.” —Larry Summers, former U.S. Secretary of the Treasury “An essential book for understanding how modern trade works via global supply chains. An antidote to the protectionist nonsense being peddled by some politicians today.” —The Economist “[An] indispensable guide to understanding how globalization has got us here and where it is likely to take us next.” —Alan Beattie, Financial Times
