Ramirez Guzman-Week 6-International Trade Evaluation

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SUMMATIVE ASSESSMENT: INTERNATIONAL TRADE EVALUATION 1 Summative Assessment: International Trade Evaluation Marisela Ramirez Guzman ECO/535: The Digital Economy University of Phoenix Professor: Joseph Krupka August 21 st , 2023

SUMMATIVE ASSESSMENT: INTERNATIONAL TRADE EVALUATION 2 International Trade Evaluation Introduction International Trade was developed as a way of exchanging a good or service between two or more countries. Trade contributes to global efficiency by allowing the country to shift their capital and labor toward and creating the opportunity of being known because of specific goods or services that can be new in other countries. Trade was developed to improve the economic welfare around the world. This paper discuss how US trade policy changes affect global trade activities by multinational corporations. Also, a discussion of economists’ opinions on the long- term effects of trade and tariff policies and lastly, an explanation of the effect recent changes to trade and tariff policies in recent experience. How U.S. Trade Policy Changes Affect Global Trade Activities by Multinational Corporations According to the Congressional Research Services, in their article “ U.S. Trading Policy: Background and Current Issues”, the congress creates U.S. trade negotiations objectives, ensures that the laws take place along with programs, and agreements by overseeing how the trade is functioning along with all federal agencies. (Akhtar, Cimino-Isaacs, Sutter, 2023). The U.S trade laws have been implementing new adjustments in tariffs and other restrictions have been active in U.S. trade policy. (Akhtar, Cimino-Isaacs, Sutter, 2023). Some examples of this includes unfairly trade goods, import injury from traded good, and foreign trade barriers or trade commitment violations of the Trade Act of 1974. (Akhtar, Cimino-Isaacs, Sutter, 2023). By implementing all these new policies, the U.S. is creating a limited trading partner, including China, and on most imports from Chine in response to its practices of concerns. Multinational Corporations are not being forced to counter tariffs that have bine imposed by U.S. trading

SUMMATIVE ASSESSMENT: INTERNATIONAL TRADE EVALUATION 3 policies which is affecting the global relations on trading goods, causing the products to have a higher cost affecting consumers and Multinational Corporations relations. (Akhtar, Cimino- Isaacs, Sutter, 2023). Economists’ Opinions on the Long-Term Effects of Trade and Tariff Policies According to economists, the tariffs costs are paid by consumers. This especially certain industries such as retail and grocery stores that have small profit margin. (Chatzky & Siripurapu, 2021). The purpose of tariffs is to protect local industries by increasing the cost of imports and driving consumers to domestic producers. For example, in the United States, sugar producers have been protected by tariffs since 1789, as well as the auto industry since 1964. (Chatzky & Siripurapu, 2021). “According to economists, tariffs act as an economic drag in the countries using them”. (Chatzky & Siripurapu, 2021). Technically, when consumers realize the tariffs costs, the consumer has a higher cost. Lastly, economists argue that tariffs often lead to retaliatory tariffs. These tariffs place the country that initiated tariffs on the other side of the equation by allowing the country to secure that consumers and its export industries are successful. (Chatzky & Siripurapu, 2021). Explanation of the Effect Recent Changes to Trade and Tariff Policies in Recent Experience. In the education field, international trade has grown significantly in these past years. For example, I work in community college in which sport training services have been growing fast. Many students are coming to our community from abroad and pay international fees in order to become part of our college. Also, our students have to pay for services such as IERF in order to get evaluated on their educational transcript to ensure they qualify to be part of the international education system. Another way that students pay tariffs and trades for services is by taking an

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SUMMATIVE ASSESSMENT: INTERNATIONAL TRADE EVALUATION 4 English language proficiency such as TOEFL or Duolingo in order to be able to obtain our services in education. Tariffs have been changing the world of education along the way but also, the services and options that the international students have, have increased significantly along with prices but, in the end, the students have choices on educational services from where to chose from in order to make the decision that best fits their necessities. Without international trade, students wouldn’t be able to obtain educational services abroad. Conclusion In order to maintain a healthy global relation, the U.S. trading and tariff need to assess current changes outcomes in order to ensure that the effectiveness of current U.S, trade and tariff policy is protecting the economy of the country from unfair practices and preserving national security. It is important to keep U.S. trade relations with major economies, and options to address unfair and statist practices. The trade and tariff policy in education is allowing students abroad to accomplish their academic goals as well as increasing the educational economy in the U.S.

SUMMATIVE ASSESSMENT: INTERNATIONAL TRADE EVALUATION 5 References Akhtar, S; Cimino-Isaacs, C; Sutter, Karen M. (2023).“ U.S. Trade Policy: Background and Current Issues” – Congressional Research Service. Retrieved from: https://crsreports.congress.gov/product/pdf/IF/IF10156 Chatzky, A; Siripurapu, A. (2021). The Truth About Tariffs – Council on Foreign Relations. Retrieved from: https://www.cfr.org/backgrounder/truth-about-tariffs#:~:text=Most %20economists%20say%20that%20tariffs,in%20the%20countries%20using%20them.

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