American Trade Policy: A Tragedy in the Making
In this monograph Anne O. Krueger demonstrates the increasing reliance on bilateral and regional trading arrangements and shows the dangers of departures from multilateralism. Using examples from trading relationships with individual countries (especially Japan and Korea), she shows how the presence of third countries not covered by agreements, market forces, and unanticipated technological and economic events undermine the intended effects of many bilateral arrangements. Ms. Krueger analyzes the North American Free Trade Agreement, and its prospective enlargement to a Western Hemisphere free trade agreement, in light of its impact on the multilateral trading system. While such arrangements can be "GATT plus, " they can also be GATT substitutes. The author outlines the ways in which the presence of regional arrangements can detract from the open multilateral trading system, especially at a time when the new World Trade Organization should be the focal point of energy and attention. Ms. Krueger concludes by summarizing the failures of bilateral approaches to achieving their objectives and calling for a renewed commitment to the open multilateral trading system.
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AMERICAN LEADERSHIP AND THE OPEN MULTILATERAL
BILATERAL WORDS AND DEEDS
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achieve actions administered protection agricultural American trade policy antidumping and countervailing argument automobiles bilateral bargaining bilateral negotiations bilateral trade chapter commodities competition concerns costs coun countervailing duty deficit developing countries dispute domestic dumping economic effect environmental European Community filed foreign firms foreign policy free trade agreement GATT Hemisphere free trade Hufbauer imports impose increased intellectual property rights interests international trading issues Japan Japanese Korea Krueger measures ment Multifiber Arrangement multilateral trading system NAFTA open multilateral system open multilateral trading percent political preferential trading arrangements procedures protectionist quotas reduced Resident Scholar restrictions result rules of origin section 301 sectors semiconductor steel subsidies Super tariff textiles and apparel third countries tion trade barriers trade practices trade relations trade remedy trading blocs U.S. exports U.S. market U.S. trade policy U.S. trading partners unfair trade unilateral United Uruguay Round USITC USTR VERs voluntary export restraints world trade
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