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Eco/372 Week Five Fiscal Policy Essay

1175 words - 5 pages

Learning Team A: International Trade Speech
NAME
ECO/372
February 16, 2015
Teacher Name

Learning Team A: International Trade Speech
This speech will analyze concepts that focus on international trade and the workings of foreign exchange rates. The speech will also provide detail to the effects of international trade in relation to gross domestic product (GDP), domestic markets and university students. Other topics discussed will include the affects of import surpluses, and how tariffs and quotas are put into place to promote domestic trade. The international trade speech gives insight into the trading process, factors influencing trading between countries, and laws and procedures ...view middle of the document...

The more enticing it is for foreign markets to conduct trade with the United States, the higher the U.S’s GDP should raise. The international trade market can negatively or positively affect domestic markets. For example, if a country can produce products for half the price of the U.S. then the demand for the item will decrease in the U.S. thus decreasing GDP and profitability of the domestic market. If the government raises and lowers the tariff this actually gives them more control of the trade with other countries.
Tariffs and Quotas
In order to regulate international trade, the United States implements rules, tariffs, and quotas. Tariffs are taxes the government imposes on importing or exporting countries while they are trading goods. Quotas are similar to tariffs, but they are limits to amounts of products importing or exporting countries can sell in the country. “Tariffs and quotas both serve the purpose of protecting the domestic industry of a country in restricting the quantity of products imported or exported and also earn revenue for the government” (Difference Between, 2015, para. 1).
To help facilitate countries in international trade relations, The World Trade Organization (WTO) serves as a platform for communication. The U.S. is one of the countries represented in the organization. Outside of communication in the WTO, the U.S. also utilizes Free Trade Agreement and Bilateral Investment Treaties to help the tariffs and quotas work efficiently. Implementing tariffs and quotas help the country keep down prices for everyday products such as gas for cars, food, clothing, electronics, and cars.
Foreign Exchange Rates
Along with tariffs and quotas, foreign exchange rates help promote trade and protect the economy. A foreign exchange rate is the rate at which the American dollar is translated into another currency. Exchange rates fluctuate on a continuous basis and do so because of changes in interest rates, inflation, income and productivity. The higher the available supply of a currency, the less the exchange rate will be. If the goal is for the exchange rate to decrease then the government will sell currency so the supply increases, and if the goal is to increase the rate, the government will purchase it’s own currency to decrease the available supply on the market. If the exchange rate is valued highly it will increase foreign investors, which will then increase the productivity of domestic market.
Restriction of Goods
Restriction of goods, like foreign exchange rates, tariffs, and quotas, help regulate international trade....

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