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2. How Can Trade Policy Help America Compete?
- Author:
- Robert Z. Lawrence
- Publication Date:
- 10-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- America deserves credit for not having succumbed to the global financial crisis by repeating the protectionist mistakes of the 1930s. Nonetheless, since 2007, although lip service has been paid to boosting US exports, its trade policy accomplishments have been modest. This is unfortunate because active trade policies can promote American living standards and facilitate America's return to full employment and sustained growth. These policies can also help to create a global trade order that advances American interests. This policy brief argues that the United States needs new initiatives that discipline foreign practices, increase access to foreign markets, revitalize the World Trade Organization (WTO), improve the administrative and regulatory environment for trade, and assist workers and communities adversely affected by change.
- Topic:
- Economics, Globalization, International Trade and Finance, Markets, Global Recession, Monetary Policy, and Financial Crisis
- Political Geography:
- United States and America
3. Combating Widespread Currency Manipulation
- Author:
- Joseph E. Gagnon Gagnon
- Publication Date:
- 07-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Widespread currency manipulation, mainly in developing and newly industrialized economies, is the most important development of the past decade in international financial markets. In an attempt to hold down the values of their currencies, governments are distorting capital flows by around $1.5 trillion per year. The result is a net drain on aggregate demand in the United States and the euro area by an amount roughly equal to the large output gaps in the United States and the euro area. In other words, millions more Americans and Europeans would be employed if other countries did not manipulate their currencies and instead achieved sustainable growth through higher domestic demand.
- Topic:
- Economics, International Trade and Finance, Markets, and Monetary Policy
- Political Geography:
- United States, America, and Europe
4. The Trans-Pacific Partnership and Asia-Pacific Integration: Policy Implications
- Author:
- Peter A. Petri
- Publication Date:
- 06-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Trans-Pacific Partnership (TPP), currently at an advanced stage of negotiation, began as a small agreement but now has big implications. The TPP would strengthen ties between Asia and the Americas, create a new template for the conduct of international trade and investment, and potentially lead to a comprehensive free trade area (FTA) in the Asia-Pacific. It could generate large benefits—greater than those expected from the World Trade Organization's (WTO) global Doha Development Agenda. This Policy Brief reports on our ongoing quantitative assessment (with FanZhai) of the TPP and other Asia-Pacific integration efforts.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, and Treaties and Agreements
- Political Geography:
- America, Europe, Israel, Asia, and Australia/Pacific
5. US Tire Tariffs: Saving Few Jobs at High Cost
- Author:
- Gary Clyde Hufbauer and Sean Lowry
- Publication Date:
- 04-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In his 2012 State of the Union address, President Obama claimed that "over a thousand Americans are working today because we stopped a surge in Chinese tires." The tire tariff case, decided by the president in September 2009, exemplifies his efforts to get China to "play by the rules" and serves as a plank in his larger platform of insourcing jobs to America.
- Topic:
- Economics, Industrial Policy, International Trade and Finance, and Governance
- Political Geography:
- United States, China, and America
6. America's Energy Security Options
- Author:
- Trevor Houser
- Publication Date:
- 06-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Like clock-work, as US gasoline prices approached $4 a gallon in spring 2011, energy security moved to the forefront of the American political debate. Global oil prices have recovered from their collapse during the financial crisis more quickly than expected due to resilient developing-country demand and political instability throughout the Middle East and North Africa. As with past oil price spikes, politicians have been quick to offer silver bullet solutions to lower gas prices and make America more energy secure. But given the complexity of the US energy system and global energy markets, it is difficult for even informed observers to evaluate how far current proposals go in solving the country's energy security challenge.
- Topic:
- Energy Policy, Oil, Natural Resources, and Biofuels
- Political Geography:
- United States, America, Middle East, and North Africa
7. US Tax Discrimination Against Large Corporations Should Be Discarded
- Author:
- Gary Clyde Hufbauer and Martin Vieiro
- Publication Date:
- 10-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States holds contradictory views about large corporations. When Americans speak of breakthroughs in research and engineering, they are justly proud of large firms that pioneered railroads and steam engines in the 19th century, automobiles, electric power, and oil exploration in the 20th century, and computers, software, and biotechnology in the 21st century. Yet when talk turns to paying taxes, public opinion holds that large corporations should pay a higher statutory tax rate than other business firms, and enjoy fewer deductions in computing their taxable income. Despite common sense and the teachings of economics, tax discrimination is alive and well.
- Topic:
- Economics, Globalization, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- United States and America
8. Hobbling Exports and Destroying Jobs
- Author:
- Gary Clyde Hufbauer and Theodore H. Moran
- Publication Date:
- 06-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The US House of Representatives has just passed the American Jobs and Closing Tax Loopholes Act (HR 4213). This bill will hurt American workers, reduce American exports, and make American companies less competitive in the international marketplace. Since the US Senate has already passed companion legislation, the American Workers, State, and Business Relief Act (S 3336), these ill-considered bills could soon be reconciled in conference and become the law of the land. If so, American firms and workers will pay the price.
- Topic:
- Economics, International Trade and Finance, Markets, and Labor Issues
- Political Geography:
- United States and America
9. China's Changing Outbound Foreign Direct Investment Profile: Drivers and Policy Implications
- Author:
- Daniel H. Rosen and Thilo Hanemann
- Publication Date:
- 06-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In 1967 Jean-Jacques Servan-Schreiber published Le defi americain, a call to beware of American multinationals buying up the world. In the 1980s and 1990s it was Japan's turn, spawning books like Clyde Prestowitz's 1993 Trading Places: How We Are Giving Our Future to Japan. Today it is China's outbound foreign direct investment (OFDI) that elicits the most anxiety China's OFDI has reached commercially and geoeconomically significant levels and begun to challenge international investment norms and affect international relations.
- Topic:
- International Relations, Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- China, America, and Asia
10. The Alien Tort Statute of 1789: Time for a Fresh Look
- Author:
- Gary Clyde Hufbauer
- Publication Date:
- 05-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In 2007 the Second Circuit Court of Appeals held that US companies that had done business with apartheid South Africa could be found liable for monetary damages under the Alien Tort Statute (ATS) of 1789 (Khulumani v. Barclay Nat. Bank Ltd., 504 F.3d 254 [2d Cir. 2007]). Liability arises, the Second Circuit declared, from their possible connections with human rights violations committed by South Africa during the apartheid era. Firms named in the suit include Bank of America, IBM, Coca-Cola, and General Motors. The governments of the United Kingdom, Germany, and Switzerland all opposed the lawsuit, as did the government of South Africa, which argued that the suit ran counter to its policy of reconciliation. The Bush administration also opposed the suit, but the Second Circuit rejected the argument that the cases could be dismissed for foreign policy reasons.
- Topic:
- Apartheid, Human Rights, International Law, and International Trade and Finance
- Political Geography:
- Africa, United States, United Kingdom, America, South Africa, and Germany