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Economics: Trading policies of the U.S.A - Essay Example

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As stated on the CIA World Fact book, the Gross Domestic Product (GDP) of the USA in 2007 is believed to be $ 13.84 trillion (CIA, 2009). This is not only humongous, but it is also three times larger…
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Economics: Trading policies of the U.S.A
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Download file to see previous pages This is so serious that it is said that China will overtake the US during the coming 30 years (CIA, 2009).
Foreign trade is one of the largest income producers for the United States. The major exports of the United States are “industrial supplies, production machinery, non-auto consumer goods, motor vehicles and their parts, beverages, aircrafts and their parts, music, movies, weaponry, lumber and paper products, agricultural products, etc” (EconomyWatch, 2009). Their major imports, on the other hand, are (EIA, 2009):
The trading situation of the United States has not been the same as it is today forever. This sector has grown to be a financial powerhouse to support the livelihood of the whole country. There have been a lot of events happening since the 19th century related to the United States trade. In 1807, An Embargo Act was created to push Britain to withdraw its barriers on American trade but it failed and was revoked in the beginning of 1809. The United States had always taken part in world trade; however, it did not play an influential part in the global policy making until the Great Depression struck (EconomyWatch, 2009).
The Congress and the Executive Branch fought amongst themselves while trying to decide the suitable combination of promotion and protectionism. In order to appreciate employment, the Congress approved the Reciprocal Trade Agreements Act in 1934, which allowed the executive branch to discuss trade agreements for a limited period of time. The amount of bilateral discussions and negotiations under this act were fairly few, and therefore, did little to help global trade. Round about the time when the 2nd World War was about to finish, U.S. policy makers began to try and test new policies on a wider level (EconomyWatch, 2009).
While working in the 1940’s along with the Brits government, the United States created two improvements to enhance ...Download file to see next pagesRead More
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