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Exports have become an important contributor to U.S. growth in recent years and will be crucial to the recovery. President Obama’s recently announced target of doubling exports in five years, however, appears overly ambitious.
During the financial crisis, exchange rates adjusted in a remarkably orderly way. Policy makers should be aware, however, that severe exchange rate tensions still require their attention.
As the U.S trade deficit becomes increasingly politicized in the face of high unemployment and a global contraction in demand, there is an increasing likelihood of trade tensions with net surplus countries, especially China.
The annual World Economic Forum meeting at Davos is not about deal-making. It is about networking and status-seeking behavior among people with a common background, and the emerging world, women, and the poor are hugely under-represented.
The contraction in global demand set off by the financial crisis has led to escalating trade tensions between China and the United States, and a breakdown in trade will slow the global recovery and create hostility and mistrust between major economies whose cooperation is necessary to resolving important global problems.
To maintain power in a prospective Asian century, the United States must sustain its military superiority, deepen and expand its economic ties, and pursue a realistic and multifaceted approach to China.
China's economic recovery is solidifying. Though risks—particularly in the real estate sector—are multiplying, they remain manageable, and an exit strategy is emerging.
Russia’s accession to the WTO—which would benefit both Russia and the global trading system—has been stalled since June. To move forward, Russia must clarify its accession plan and prove its commitment to the WTO.
While China's role in global trade is continuing to grow, the dollar, not the yuan or the euro, will remain the world’s leading reserve currency for the foreseeable future.
There is widespread agreement that NAFTA has fallen short of its stated goals. Mexico’s experience under NAFTA shows that the U.S. trade agreements must include robust funding for development and avoid restrictions on government policies proven to promote dynamic development.
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