All articles tagged with #world trade
The article discusses former President Trump's efforts to reshape global trade policies, highlighting key charts that illustrate his approach and its impact on international commerce.
China is aiming to reshape world trade on its own terms by pursuing an economic strategy that emphasizes self-reliance and reduced dependence on foreign markets and technology. This approach, known as "dual circulation," seeks to bolster domestic consumption and innovation while also expanding China's global influence through initiatives like the Belt and Road infrastructure project. The country's trade policy is increasingly focused on asserting its own standards and rules, potentially challenging the existing international trade order dominated by Western economies.
US imports of consumer goods, particularly home electronics, experienced a record 17% decline in the second quarter of 2023, impacting world trade. Major exporters of electronics, including Taiwan, South Korea, and China, also saw corresponding declines in exports. The US manufacturing sector has slowed, with challenges in stimulating demand and slower growth in service sector output. China's exports to the US dropped by 25% in the first half of 2023, narrowing Beijing's trade surplus with Washington. However, the claim that China's decline in exports is due to re-shoring is false, as imports from US allies like Mexico, Vietnam, and India have increased. Studies show that while the US may be reallocating its sourcing and imports to other countries, it remains indirectly connected and dependent on China through third-countries like Vietnam and Mexico.