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.
The operations of majority-owned U.S. affiliates added $869.1 billion to the U.S. economy in 2014 and employed 6.4 million American workers. They are heavy traders as well, accounting for an astounding 26 percent of total U.S. exports of goods in 2013, and 30.3 percent of imports of goods.
In our Essential on Which Countries Invest and Employ the Most Workers in U.S. States, we introduce an online resource from SelectUSA that brings together data on foreign investment in the United States in an easy-to-use interactive tool. You can explore the inward stock of FDI in the United States by country of origin, and see which industries attract the most investment, which states are the largest destinations of foreign capital, and where jobs are being created from these investments. FDI is a big contributor to the U.S. economy, adding around $870 billion in value in 2014 and employing some 6.4 million American workers. FDI also drives more than one quarter of U.S. trade. Discover more at: https://www.selectusa.gov/data\
The marriage of the physical and digital worlds has unlocked limitless economic opportunities, providing a boost to productivity and propelling us into the next industrial revolution. Policymakers will need to work to keep up by removing trade barriers that could limit the global reach of the Internet of Things.
The secret to the success of Michele’s Granola is more than a great product. Also instrumental was a little-known, decades-old government initiative – the Manufacturing Extension Partnership (MEP) program – aimed at helping small and medium-sized manufacturers grow.
Since 1947, the global trade rules have contained a “national security exception.” WTO members operate on the presumption that their fellow members will exercise the exception rarely and in good faith.
If you were to take a guess as to which American metropolitan areas export the most, you’d probably be right: New York, Los Angeles, Houston, Chicago, Dallas, and Seattle top the list. But, if ranked by exports as a share of local GDP, it’s America’s smaller cities that top the list – four of the most export dependent are smaller cities in Indiana.
You probably know the stories of college student entrepreneurs who made it big, from Mark Zuckerberg’s Facebook and Bill Gates’ Microsoft, to the founders of Dell, Google, and Yahoo. I might not walk among these giants, but in the early 1990s, I ran a small biomedical supply company — out of my dorm room, where we managed to go global.
With $373 billion invested in our economy, it’s no wonder that Japan has an interest in maintaining close economic relations and seeing the U.S. economy succeed. When Japan’s Prime Minister Shinzo Abe meets with President Trump this week, Abe is expected to present his “U.S.-Japan Growth and Employment Initiative,” a gesture that reflects that commitment.