Description
International Trade
For this assignment, you will look at aspects of international trade. See below for specific details and grading criteria.
I need to see the following:
- How is international trade regulated?
- What is involved in “trade agreements”?
- What is the current balance of trade for the United States?
- Has this balance been increasing or decreasing?
- Based on the current economic conditions, how do you think this balance will move in the near future, and why?
grading criteria
Think of the importance of trade in your life. Look simply at what you’re wearing today. When you shop, do you look for the “Made in the USA” label? Perhaps you believe we might be better off as a nation economically if we produced more goods in the attempt to become more self-supportive. Perhaps you believe we should increase the amount of goods traded internationally. Opinions and speculation vary as much as the number of economists that predict economic climate. Having said this, as a nation, simply put, we trade. And with that activity come many rules and regulations to try and ensure our best interests are protected. Based on this;
1. How is international trade regulated? Log on to www.wto.org and click the “Trade Topics” tab to learn about the scope of trade agreements and trade controversies. What is involved in “trade agreements”?
2. Log on to www.bea.gov and view the “International” tab, then “Trade in Goods and Services.” What is the current balance of trade for the United States? Has this balance been increasing or decreasing? Based on the current economic conditions, how do you thing this balance will move in the near future, and why?
Your final product will be a paper that:
Addresses each of the five questions above in total.
Is APA formatted.
The body is to be 2 pages minimum. The requirements for your assignment are: 1. Answer each question fully 2. Define the overall subject of each question.
3. Cite at least three (3) resources from this week’s materials.
Explanation & Answer
Attached.
Running head: INTERNATIONAL TRADE
International Trade
Name
Institution
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INTERNATIONAL TRADE
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International Trade
How is international trade regulated?
The international law of trade includes the international customs and rules of guiding
the trading activities of two nations. The world has become a global village, and many
countries are involved in the international trade a factor that has made this law independent
(McGovern, 2016). The international law simply is known as the General Agreements on
Tarries and Trade (GATT). It aggregated international legislation legal rules and was
developed based on economic liberalism developed in the United States and Europe. The
GATT gives guidelines on matters relating to dumping and subsidies. WTO replaced the
GATT in the year 1994 following the Trade Expansion Act of 1962 as it was a temporary fix.
WTO primary role was to make equal fields for all nations involved in international trade.
WTO also en...
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