What are the primary goods and services the United States traded internationally?

By the year 2000, the United States had started experiencing growth in economic trade with a rise in its imports and exports. Between the year 2000 and 2010, it increased its operations in the international trade even more and it can be noted that by the year 2006, its surplus was about $80 billion (Park 478). The primary goods that were mostly traded by the US between this period include capital goods, autos and auto parts, industrial supplies, consumer goods and foods and beverages (Park 483). The top international trade partners to the US in this period included Canada, Japan, Britain, China, and Mexico.

What were trade barriers in place during that decade?

A trade barrier is a restraint the government enforces that on how it should operate in foreign trade affairs. For the decade between 2000 and 2010, two main trade barriers were in place in the US. These two trade barriers were; the Act of Trade Promotion Authority of the year 2002 and the Act of Globalization and Trade Adjustment Assistance of the year 2009 (Pandit 400). The Act of 2002 had the mandate to negotiate trade deals with other country business partners while the Act of 2009 was just a renewal of the original trade Act of the year 1962.

What are the two pros and two cons of the trade barriers used?

The two advantages that observed from these trade barriers included the improvement of the national security and creation of employment opportunities (Pandit 406). On the other hand, the two disadvantages that the trade barriers yielded included a reduction of economic growth and an increase in the cost of producing goods.

Works Cited

Pandit, Ram. “US Trade Barriers and Import Price of Canadian Softwood Lumber.” The International Trade Journal, vol. 23, no. 4, 2009, pp. 399-421.

Park, Jee-Hyeong. “International trade agreements between countries of asymmetric size.” Journal of International Economics, vol. 50, no. 2, 2000, pp. 473-495.

 
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