Trade Policy in the 1980s

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The twenty contributions in this book, by academics (such as John H. Jackson and J. David Richardson) former government officials (such as C. Fred Bergsten and Harald B. Malmgren) and businessmen (such as John Diebold) address issues in the world trading system. This system which as been of critical importance to both economic prosperity and political harmony throughout the postwar period, now faces strains not seen since the 1930s.

The book assesses the trends in trade policy and the setting within which these problems are occurring, including the impact of international monetary imbalances and the evolution of the General Agreement on Tariffs and Trade. It reviews the objectives and approaches of the United States, the European Community, Japan, and the developing countries and presents detailed analyses of the major issues that have dominated trade policy in recent years: subsidies, safeguards, domestic adjustment to changes in trade patterns, agriculture, textiles and apparel, steel, and automobiles. Issues that will become important subjects of trade policy in this decade - services, trade-related investment practices, and trade in high technology products - are also covered.

Proposals for responding to each of these problems are discussed in the book's conclusion. These include a "constrained ideal" for the world trading regime in the late 1980s and specific suggestions for dealing with the individual issues and for modernizing the whole system. Particular attention is paid to the relationship of trade policy to international monetary developments, the future of the General Agreement on Tariffs and Trade, and the launching of new international negotiations to handle the wide array of industry and functional problems.

William R. Cline is a Senior Fellow at the Institute, author of numerous books and articles on trade issues, and formerly Senior Fellow at the Brookings Institution.
 

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Page 203 - ... avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members ; and iv) follow exchange policies compatible with the undertakings under this Section.
Page 131 - Article 111, any advantage, favour, privilege or immunity granted by any contracting party to any product originating in or destined for any other country shall be accorded immediately and unconditionallv to the like product originating in or destined for the territories of all other contracting parties.
Page 356 - PARTIES may waive the requirement of subparagraph (a) of this paragraph so as to permit a contracting party to levy an anti-dumping or countervailing duty on the importation of any product for the purpose of offsetting dumping or subsidization which causes or threatens material injury to an industry in the territory of another contracting party exporting the product concerned to the territory of the importing contracting party.
Page xii - Karl Otto Pohl Donna E. Shalala Mario Henrique Simonsen Anthony M. Solomon John N. Turner Dennis Weatherstone Andrew Young Ex officio C. Fred Bergsten Richard N. Cooper ADVISORY COMMITTEE Richard N. Cooper, Chairman Robert Baldwin Lester Brown Rimmer de Vries Carlos Diaz-Alejandro Rudiger Dornbusch Isaiah Frank Herbert Giersch Gottfried Haberler Mahbub ul Haq Arnold C.
Page 342 - countervailing duty" shall be understood to mean a special duty levied for the purpose of offsetting any bounty or subsidy bestowed, directly or indirectly, upon the manufacture, production or export of any merchandise.
Page 356 - ... party exporting the product concerned to the territory of the importing contracting party. (c) In exceptional circumstances, however, where delay might cause damage which would be difficult to repair, a contracting party may levy a countervailing duty for the purpose referred to in sub-paragraph (b) of this paragraph without the prior approval of the CONTRACTING PARTIES; Provided that such action shall be reported immediately to the CONTRACTING PARTIES and that the countervailing duty shall be...
Page 360 - Agreement on Interpretation and Application of Articles VI, XVI, and XXIII of the General Agreement on Tariffs and Trade...
Page 368 - ... to the extent and for such time as may be necessary to prevent or remedy such injury, to suspend the obligation in whole or in part or to withdraw or modify the concession.
Page 136 - MFN by moving from a passive form — the withholding of concessions — to an active or aggressive form — the imposition of new trade barriers. Policymakers should be fully aware of the fundamental break with at least six decades of US trading practice that this step would involve. To be sure, the door to the reciprocity-retaliation approach is already open a crack as the result of section 301 of the Trade Act of 1974 as amended in 1979 (and its precursor, section 252 of the Trade Expansion Act...
Page 458 - The basic objectives shall be to achieve the expansion of trade, the reduction of barriers to such trade and the progressive liberalization of world trade in textile products, while at the same time ensuring the orderly and equitable development of this trade and avoidance of disruptive effects in individual markets and on individual lines of production in both importing and exporting countries.

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