How does globalization play a

How does globalization play a role in the political economy oftrade policy? Consider the current administration’s policy oninternational trade. What actions may be considered alarming? Whatactions may be considered beneficial?


Globalization is a process of interaction among the people,companies, and governments of different nations, a process drivenby international trade and investment and aided by IT.Globalization refers to increasing exchange of goods and servicesacross, financial transactions, communication, interaction ofpeople across cultures through the international borders.

Trade and globalization policies can impact on the wages andincomes of American workers. Globalization has resulted in groupedamong market in the world and improved communication andunderstanding of business opportunities around the world. Goods andservices previously available within a country brought available tonew markets foreign country as a result of globalization.

All investors can get new investment opportunities and learnabout markets even if far distance than earlier. Probable risks andprofit opportunities are within easier reach credit to bettercommunications. Moreover, countries with positive relations betweenthem are able to increasingly unify their economies throughinvestment and deal. Some companies are fighting strong competitionfrom outside their home country. They are compelled to supplymaterials and outsource labor from other countries.

Globalization has the effect of increased competition. Companiesare made their target area, growing from local areas and homecountries to the rest of the world. Suddenly, this story of‘sourcing and outsourcing’ turned many companies into global ones.Globalization has facilitated this and made the transition toglobal markets easier.

Free trade offers nations numerous advantages. Governments erecttrade barriers and intervene in other or change free trade. Atariff is a tax imposed by government on imported goods.


Trump administration’s approach to international trade policy,including international trade and investment treaties as well asthe key influencers of trade policy in the new administration.President Trump withdrew the US from the Trans-Pacific Partnership(TPP), a cornerstone of President Obama’s international tradepolicy. President Trump has also focused criticism on the NorthAmerican Free Trade Agreement between the US, Canada, and Mexico(NAFTA).

                 The future of a bilateral investment treaty (BIT) between the USand China is now in doubt. As recently as 2015, the treaty was inthe early stages of negotiations. The Trump administration hastaken no official position on the TTIP between the US and the EUcountries.

Trump selected Peter Navarro as Assistant to the President andDirector of Trade and Industrial Policy. President Trump hasnominated Robert Lighthizer to lead the Office of the US TradeRepresentative (USTR). President Donald Trump has emphasized threerecurring themes regarding trade policy: the importance of tradebalances, including bilateral trade balances, currency manipulationto gain unfair advantage in trade, and “disastrous” tradeagreements. Asia figures prominently in these concerns. Other USgovernment agencies, including the US Department of Commerce, mayalso control international trade policy under the Trumpadministration.


A country which restricts in trade, either by import tariffs orby export taxes, is expected to improve their terms of trade as aresult.

Donald Trump’s International trade policy giving an alarming ofcoruscating issues and fierce threats of protectionist retaliation.But the world has been in the dark about how much of this rhetorichis administration might turn into certainty.

Trade barriers are government-induced restrictions oninternational trade. Which are as follows:


Non-tariff barriers to trade

Import licenses

Export licenses

Import quotas


Voluntary Export Restraints

Local content requirements


Currency devaluation

Trade restriction

Advantages of International Trade

  1. International trade helps each country to make optimum use ofits natural resources.
  2. Natural calamities impact affect the production of a countrynegatively. Deficiency in the supply of goods at the time ofnatural calamities can be imports from other countries.
  3. It enables a country to obtain goods which cannot produce ordue to higher expenses and can from other countries at lowercosts.
  4. Stability in prices
  5. Exchange of technical know-how and establishment of newindustries
  6. Due to international competition, the producers in a countryattempt to produce better quality goods at the minimum possiblecost.
  7. Foreign trade leads to specialization and encourages productionof different goods. Goods can be produced at a comparatively lowcost

Disadvantages of International Trade

  1. Impediment in the Development of Home Industries.
  2. The underdeveloped countries have to depend upon the developedones for their economic development
  3. Excessive exports may exhaust the natural resources of acountry
  4. International trade breeds rivalries among nations due tocompetition in the foreign markets. This may eventually lead towars and disturb world peace

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