Imports and Exports

Paper Summary:

This paper relates the history of importing and exporting in the United States and introduces how the move from the 'gold standard' to the 'floating dollar' has affected importing and exporting for the US. It examines the devaluation of the dollar against the euro and examines how the US will need to learn new ways to deal with emerging nations, such as India and China. Finally, the paper looks at how globalization has changed the manner in which the US conducts business both at home and abroad.

Table of Contents:
Objectives
Background of the Study
US Steadily Growing Trade Deficit
Devaluation of he Dollar
Factors for Consideration in US Trade Relations with China
Globalization and the Changes in Conduction of Business both at Home and Abroad for the United States
Summary and Conclusion

From the Paper:

"The hope for promises of the NAFTA free trade agreement have not culminated in many positive situations and China has not followed the trade rules as closely as would have been desired initially however, new groundwork has been laid for coping with the complexities of the import and export trade with China which has been acknowledged as beneficial for both China and the United States. It will be of primary importance that China is held to the trade regulations in a transparent manner. Greater accountability and enforcement are the call-words for the future trade relations with China and other developing, emerging and rapidly growing countries involved in import and export trade with the United States. The United States has announced intentions to promote export trade with China and other developing countries and their markets."

Sample of Sources Used:

• Alhajji, AF (2004) The Impact of Dollar Devaluation on the World Oil Industry: Do Exchange Rates Matter Vol. XLVII, No. 33 16 Aug 2004. online available at: http://www.mees.com/postedarticles/oped/a47n33d01.htm
• Cui, Li (2007) China's Growing External Dependence. Finance and Development Report of the International Monetary Fund Sept 2007 Vol. 44 No. 3. Online available at: http://www.imf.org/external/pubs/ft/fandd/2007/09/cui.htm
• Gundzik, Jephraim (2005) Soaring Commodity Prices Point Toward Dollar Devaluation. 26 May 2005. Power and Interest News Report. Online available at: http://www.pinr.com/report.php?ac=view_report&report_id=497&language_id=1
• Humpage, Owen F. (2000) Do Imports Hinder or Help Economic Growth? Economic Commentary - Federal Reserve Bank of Cleveland 15 March 2000. Online available at: http://www.clevelandfed.org/research/Commentary/2000/0315.htm
• Mankiw, N. Gregory (2003) China's Trade and U.S. Manufacturing Jobs. The White House. Testimony Before the House Committee on Ways and Means 30 Oct 2003. Online available at: http://www.whitehouse.gov/cea/mankiw_testimony_house_ways_and_means_oct_30.html

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