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4. Conclusions
The economy of the United States is shaped by a wide array of elements, such as political measures, the economic recession, the access to credits, the socio-demographic changes and so on. One important piece in the economic puzzle is represented by the state of international trade operations completed by the country. In this sense, the current project has assessed the issues of international trade as they relate to the impacts on employment, unemployment, incomes and equality, as well as the national concerns regarding the country's trade partners (Japan, Mexico and China).
At the level of employment, the impact of international trade is a positive one when exports and domestic consumption are increased, but negative when imports are higher and the competitiveness of American items within the global market place is decreased. In the case of unemployment, the impact is that of an increase in unemployment when U.S. products are less traded and a decrease in unemployment when the U.S. products are more demanded. The incomes also tend to increase when trade operations are strong, but decrease when imports are higher and exports are less competitive, yet the correlation is weaker than in the case of employment. Last, income equality in the U.S. tends to improve with open and free trade operations.
In the case of the trade partners, the emphasis has fallen on Japan, Mexico and China, as a result of the concerns they have raised...
Japan, for instance, has become a primary source of automobile imports. The trade relationships with Mexico are more complex due to proximity, high trade volumes and cultural ties. And last, the trade concerns with China include security issues, massive imports, outsourcing or fiscal stability.
References:
Aradhyula, a., Rahman, T., Seenivasan, K., (2007). Impact of international trade on income and income inequality. http://ageconsearch.umn.edu/bitstream/9999/1/sp07ar03.pdf accessed on January 17, 2013
Feenstra, R.C. (2000). The impact of international trade on wages. University of Chicago Press.
Mcteer, B. (2008). The impact of foreign trade on the economy. http://economix.blogs.nytimes.com/2008/12/10/the-impact-of-foreign-trade-on-the-economy / accessed on January 17, 2013
Singh, P.P. (2012). U.S.-China relations: trade flashpoints. BBC News. http://www.bbc.co.uk/news/business-20177210 accessed on January 18, 2013
Villarreal, M.A. (2012). U.S.-Mexico economic relations: trends, issues and implications. Federation of American Scientists. http://www.fas.org/sgp/crs/row/RL32934.pdf accessed on January 18, 2013
The world factbook -- United States. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/geos/us.html accessed on January 17, 2013
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