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International Trade And Finance Speech

1073 words - 5 pages

International Trade and Finance Speech
Ralna McKenzie
ECO 372
December 2, 2013
Dr. Sharon Bush
Good morning, and welcome to the United States economic status summit meeting. I am Ralna McKenzie, the Speaker of the House of Representatives for the United States of America. I would like to welcome you all, and I hope you find that the information that you receive in this meeting will answer all or at least most of your questions regarding the importance of international trade and foreign exchange rates and how this helps stimulate our economy as well as the economy of our foreign constituents.
I am sure that many of you may understand the importance of international trade and how it ...view middle of the document...

Now let’s move on to how foreign trade effects the GDP (Gross Domestic Product) domestic markets and individuals, such college students. Many of you will probably ask, “How can foreign trade affect college students, they are in college?” Well to start out, foreign trade will affect everyone. The United States specifically relies heavily on foreign trade. Our GDP is currently at 2.8% and is consistently rising due to consumer demand or foreign products and services. When the GDP rises, demand rises requiring an increase in domestic markets. Think of all of the new technology that is constantly introduced, there is a demand for newer, faster and more efficient gadgets to help consumers, and this would definitely include college students because they are a large portion of the demand for “new technology”.
Ok, now we can’t really discuss foreign trade and how this effects the United States GDP without talking about some of the restrictions on foreign trade in the way of tariffs and quotas. As we all know that we really can’t buy anything without giving any government a “little” extra. This little extra is always paid in the form of tariffs. Tariffs is basically a tax that are imposed on imports to the United States. “If you want to sell your goods here, you have to pay a percentage to us to do so.” This is also set to help the United States as well. When goods are imported to the United States, and if the same goods are made in the United States, America doesn’t want businesses to close because we are importing too many of the same goods, therefor tariffs help to keep businesses in the U.S. open by protecting domestic employment for example. When the United States enact quotas on goods from other countries, this does restrict foreign trade, but is done to protect domestic businesses.
Are you bored yet? I hope not.
Foreign exchange rates? What, and how? When you travel to another country many of you purchase items while visiting. But, if you are from the United States and you are visiting Europe, they do not use American dollars, they use what is called Euros. In order to purchase goods...

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