Modern day slavery is more common than you might think. Trafficking in humans is the worst form of illicit trade. Wherever the debate comes out on how to use trade agreements and policies to promote human rights, free trade must begin with free.
Corruption is one of the most costly non-tariff barriers in global trade. The trouble is, there is no one-size-fits-all solution. Tackling corruption to promote legitimate trade would have positive impacts on millions around the world. An OECD report suggests a mix of approaches.
As negotiations continue toward a trade agreement, President Trump and President Xi of China have imposed tariffs on each country’s products in an unprecedented trade war. If you’ve lost track of how we got here, here is a handy quick guide to recent events unfolding in the ongoing U.S.-China trade war.
If you’re in the market for a bicycle to put under the tree this year, trade policy has made your choices more complicated. New tariffs on bicycles have increased prices for U.S. importers and consumers. But a higher and more generous threshold for duty-free online purchases directly from foreign retailers can be a way to escape the tariffs — but it can be a gamble.
Ripe olives are a critical ingredient for olive oil. They’ve also been ripe with trade tension over the past two years. Spanish black olives, green olives and olive oil have all been embroiled in two recent trade disputes between the United States and the European Union (EU), resulting in higher tariffs and increased prices of Spanish olives and olive oils for U.S. consumers.
Responding to U.S. tariffs, China has imposed a 25 percent tariff on U.S. soybeans since July last year. The tariff has remained in place as leverage in the trade war – a proxy for whether China perceives progress is being made or not in the negotiations.
The civil war raging in Syria for eight years now has taken an immense physical, social and economic toll on the country. The longer conflict persists, the deeper the separation from global society, and the harder it will be to rebuild the economic mechanisms and institutions necessary to increase trade and encourage economic growth.
In response to WTO-illegal European subsidies to its aircraft industry, the U.S. administration is reportedly considering what is known as “carousel” retaliation against the EU – a regular rotation of goods targeted for tariffs, designed to impose maximum pain. The United States and Europe have been on this ride before.
With all the focus on tariffs these days, it is easy to overlook the return of another tool used to limit imports: quotas. Both quotas and tariffs are used to protect domestic industries by artificially raising prices in the domestic market. Their administration and effects, however, differ in specific ways.
Simple in appearance, pleasantly sweet, nutritious, and nearly universal in appeal, that Cavendish bunch of bananas on your counter comes off as pretty unassuming. In reality, it has been through jungle wars and trade wars and now sits on the precipice of extinction. Growing to love more varieties could help save trade in bananas.