Pull into a camp ground and you’ll find tremendous variety among recreational vehicles (RVs) parked there. Around eighty percent of them were made Elkhart County, Indiana. Today, less than 10 percent of U.S. RV production is exported, but the industry is finding opportunity in some surprising new markets including China, the United Arab Emirates, Korea and Thailand.
The Supreme Court answered this question when it decided that under the Tariff Act of March 3, 1883, tomatoes would be considered a vegetable for the purpose of assessing a customs duty. Who knew the answer would relate to trade policy? And thanks to trade, we eat fresh tomatoes all year round.
Governments have a responsibility to ensure the safety of their food supplies, and to protect the health of the plants and animals that supply the food system. In negotiating trade agreements, countries have sought to balance the twin objectives of protecting human, plant, and animal health and ensuring the international flow of safe food.
As NAFTA negotiations get underway, the United States and Canada face a challenging mix of issues. Some represent longstanding disputes between the two countries. Others may be new priorities for the Trump Administration and untested in trade agreements. Still others, like commitments to facilitate digital trade, both sides are ready to agree. Here’s your cheat sheet.
A NAFTA negotiation could address the “microeconomic” factors that affect trade flows would increase the level of trade between the United States and Mexico and make U.S. consumers better off, but it wouldn’t have much effect on the balance of trade. On the other hand, economic growth in Mexico would achieve that effect by stimulating demand for more U.S. products.
The attractiveness of the U.S. market for FDI reflects the size and strength of the U.S. economy as well as the longstanding U.S. commitment to open markets and the rule of law. The vast majority of FDI occurs on a regular basis in every U.S. state across sectors including manufacturing, financial, and information technologies. But there are cases when foreign investment might carry security implications.
In an era when who trades, what is traded, and how it’s trade are in constant flux, the only constant for international trade rules is the potential for obsolescence. Technological innovations are testing the limitations — and rationale — of the old rules.
Dear King George III: stop cutting off our trade from the rest of the world. That was among our grievances in the Declaration of Independence. The next 140 years saw U.S. tariffs rise and fall in response to the domestic preoccupation with the politics of protection.
People eat SPAM on every continent, including Antarctica. How much? 12.8 cans every second. Hormel keeps adding new flavors, like SPAM Teriyaki and SPAM Chorizo, to whet global appetites. Thanks to international trade, SPAM finds itself the centerpiece of comfort foods all over the world.
How is bread traded without a Bread Czar or a Minister for Flour? Inspired by the classic essay, I, Pencil, Professor Russ Roberts of Stanford University, offers an engaging and timeless story to explain the economic processes we benefit from daily without realizing.