Economic sanctions are a controversial foreign policy tool used by governments to punish or curb a variety of unwanted behaviors such as human rights violations, terrorism and cybersecurity incursions. Here’s a closer look at how sanctions have been used, what form they take, and the U.S. process for enacting and administering them.
The United States has nearly 8,000 economic sanctions in place, and the list is growing. The muscle behind an array of U.S. financial sanctions derives from the reach and power of the U.S. dollar as the “lead currency” in the global economy.
An estimated 152 million children in the world today are in child labor. Provisions on labor issues have proliferated in trade agreements since NAFTA was implemented. But child labor is a complex problem requiring complex and situational solutions. Only concerted action in local communities and throughout global supply chains will make widespread and demonstrable improvements to lives of the millions of children who are mainly not included in the scope of a trade agreement.
As global trade grows and increases in complexity, trade-based money laundering has become the weakest link in anti-money laundering initiatives. Banks and government officials are strengthening international collaboration to crack down on criminals who hide and launder their dirty money in global trade transactions.
In September last year, the Trump Administration finalized a list of $200 billion in imported goods subject to tariffs. The list included rubberized textile fabrics, affecting water resistant clothing. Find out how apparel and footwear companies are weathering the storm of tariffs on imports from China.
Turmeric is the new “it” spice. While things are golden for trade in turmeric, less can be said for U.S.-India trade relations as a whole. Tensions have been heating up over the past few years, culminating in the recent announcement from the White House that India could soon be terminated from the U.S. Generalized System of Preferences (GSP) program.
U.S. footwear production dates as far back as 1750, but today 98 percent of shoes are manufactured abroad. Historically, footwear tariffs have been out of step with the United States’ general approach to free trade. High tariffs on products like shoes hit low-income families the hardest – particularly those with children – as these families spend the highest share of their incomes on home goods that tend to be imported.
There are some in the United States who are frustrated with the administration’s willingness to toss out the traditional trade policy playbook, but if trade talks over soybeans and intellectual property protections can be leveraged to address illicit trade in deadly fentanyl, we can all get on board with that.
U.S. energy infrastructure company Kinder Morgan, Inc. (KM) started construction on the Gulf Coast Express Pipeline Project in May 2018. Estimated to cost $1.75 billion, the pipeline will span 514 miles in Texas and aims to increase the United States’ ability to export liquefied natural gas to Mexico. The administration’s steep tariffs on imported steel could throw a major wrench into the pipeline project.
E-commerce allows us to order anything around the world with just an Internet connection and the click of a button. As digital trade has expanded, so have barriers like data localization. International trade rules are still racing to catch up with an increasingly digitally connected world.