Question

Identify trade policies in the time period from 2000 - 2010 in the U.S..

What trade barriers were in place from 2000 - 2010?

What are two pros and two cons of the trade barriers used?

Answer 1

• During the decade the U.S. mainly traded internationally capital goods, consumer goods, industrial supplies and materials, food and beverages, and automobiles and parts. Exports were equal to a quarter of economic growth. There was a trade surplus in services in 2006 equal to $79.7 billion. At the Top of the above list of imports were autos and auto parts.
• There were two trade barriers one in 2002 named as Trade Promotion Authority and the second one in 2009 named as Trade and Globalization Adjustment Assistance Act.
• Pros: Trade barriers lead to the production of employment opportunities and at the same time boosts national security. However, it increases production costs, which results in the reduction of economic growth (cons).