Trade Theories Reflected by the US Business & Marketing Essay
Written Responses : The Director will post a question relevant to that week’s material. Students are encouraged to think of these assignments like a short essay question. All outside research should be appropriately sourced and cited.
***Each of these written responses will be marked out of 10. Grades will be based on: FULLY answering the question within the criteria; APPLICATION of course concepts in answering the question; CLARITY of arguments; ORIGINALITY of thinking; thoroughness of RESPONSE; QUALITY of evidence; coherence; overall persuasiveness; and writing style.
Please find attached the essay question and the slides file to answer the question.
Question:
U.S. President Donald Trump has complained about trade agreements, ultimately re-negotiating NAFTA, and taken some unilateral measures, such as the imposition of tariffs on steel and aluminum products on national security grounds. Some of the goals President Trump has mentioned for these actions include improving the US trade deficit in goods, as well as protecting US jobs and/or industries from moving to other countries.
Name and explain at least two (2) trade theories that are reflected by these US positions.
Written Responses: The Director will post a question relevant to that week’s material. Students are encouraged to think of these assignments like a short essay question. All outside research should be appropriately sourced and cited.
*Each of these written responses will be marked out of 10. Grades will be based on:
- Fully answering the question within the criteria;
- Application of course concepts in answering the question;
- Clarity of arguments;
- Originality of thinking;
- Thoroughness of response;
- Quality of evidence;
- Coherence;
- Overall persuasiveness;
- And Writing style.
Trade Theories Reflected by the US
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Trade Theories reflected by the US
The United States’ current positions on trade depict two types of the classical country-based theories, the Mercantilism theory and the theory of absolute advantage. The recent steps by the Trump administration have been inspired by trade agreements, which the administration terms as exploitative and requiring to be reviewed. Consequently, the unilateral measures that the government has taken such as imposition of tariffs on steel and aluminum products is designed to reduce the competition for local companies and boost their productivity.
Under the Mercantilism theory, it regulates the trade and economy, thus encouraging domestic industries. It imposes laws that restrict goods brought into the country, increase the country's stocks, and protect the local industry (Pettinger, 2019). This theory leads to an increase in the country's prosperity due to more exports than the government's imports. Putting tariffs on some imports w...
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