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ECO 535 WEEK 6 ASSIGNMENT | UNIVERSITY OF PHOENIX
Promoting
international trade is not a zero-sum game. It is a win-win proposition; both
parties gain from trade.
· Tariffs are paid by the citizens of the country imposing
tariffs, not by the citizens of the country producing the products upon which
the tariffs are levied.
· The
term “trade deficits” is a misnomer. Every country’s trade is always in
balance.
· Trade
deficits do not mean the US no longer produces anything to export. The US is
the world’s second largest manufacturer and the world’s second largest exporter
of manufactured goods.
· Trade
deficits reflect a strong economy. Trade deficits rise during economic
expansions and fall during economic contractions. Unemployment falls as trade
deficits rise and rises as trade deficits fall.
· Imports
and exports are complements, not competitors. Both are necessary and both
contribute to economic growth.
· Roughly
one-third of all US imports and exports is trade between US multinational
companies and their overseas subsidiaries.
· Foreign-owned
companies operating in the US number in the thousands and provide directly or
indirectly jobs for more than 13 million US workers (roughly, 10% of the US
workforce).
· US
trade deficit in goods in 2018 (as a % of GDP) was the same as it was 5, 10 and
15 years earlier.
· The
rise in US goods trade deficit with China has not increased the US total goods
trade deficit. It has been offset by reduced goods imports from other trading
partners.
· There
is a strong correlation between the rise in world trade and:
· The
rise in world GDP
· The
dramatic fall in the world’s extreme poverty rate
· The
rise in world life expectancy
· For
every US manufacturing job lost to trade between 2000 and 2010, seven US jobs
were lost to domestic productivity improvements. Those seven jobs cannot be
brought back from overseas because they never left the US.
Write a 700- to 1,050-word evaluation
of credible economists’ unbiased opinions on the benefits, costs, and results
of current US trade and tariff policies. Complete the following in your
evaluation:
· Evaluate
how US trade policy changes in the last 2 years affect global trade activities
by multinational corporations.
· Discuss
credible economists’ opinions on the long-term effects of trade and tariff
policies changes in the last 2 years.
· Explain
the effect of recent changes to trade and tariff policies have had on your
employer, you, or someone you know
ECO 535 WEEK 6 DISCUSSION | UNIVERSITY OF PHOENIX
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