Issues in US-EC Trade Relations

by Baldwin, Robert E.; Hamilton, Carl B.; Sapir, Andre

• ISBN13: 9780226036083
• ISBN10: 0226036081
• Format: Hardcover
• Copyright: 1988-06-30
• Publisher: Univ of Chicago Pr

Summary

A viable system of international trade requires the active support of both the United States and the European Community, the world's largest trading partners and, consequently, the primary forces shaping the post-World War II international trading regime. In recent years, however, a series of disagreements have threatened the consensus supporting that regime. Differences have arisen over the relation of trade policy to balance-of-trade deficits, the terms of and actual compliance with the current General Agreement on Tariffs and Trade, and the proper agenda and procedures to be adopted in future multilateral trade negotiations. These differences, if left unresolved, will further weaken an already strained system. Issues in US-EC Trade Relations presents the results of a conference organized by the NBER and the Centre for European Policy Studies. In it, North American and European trade specialists offer theoretical, empirical, and historical analyses of some of the major issues on which American and Community officials disagree and also formulate realistic policies for settling present disputes. Contributors consider such topics as the legal aspects of trade between the two regions, agricultural policy, different ways the United States and members of the European Community use embargoes to attempt to induce foreign countries to change particular political actions, the growing trend toward protectionism and responses to this policy, international trade in services, and trade policy in oligopolistic environments. In most cases, each general subject is approached from both an American and a European perspective.

Author Biography

Robert E. Baldwin is the Hilldale Professor of Economics at the University of Wisconsin, Madison. Carl B. Hamilton is with the Institute for International Economic Studies, Stockholm. André Sapir is professor of economics at the Free University of Brussels.

Table of Contents

Preface

An Introduction to the Issues and Analyses

The Legal Framework

Legal Issues in US-EC Trade Policy: GATT Litigation 1960-1985

Comment

Comment

Agriculture: Trade and Protection

The Price and Welfare Implications of Current Conflicts between the Agricultural Policies of the United States and the European Community

Comment follows chapter 4

EC-US Agricultural Trade Confrontation

Comment

Embargoes and Strategic Trade Issues

Strategic Trade, Embargoes, and Imperfect Competition

Comment follows chapter 6

East-West Trade, Embargoes, and Expectations

Comment

Industry: New Protectionism and New Competitions

The Steel Crisis in the United States and the European Community: Causes and Adjustments

Comment follows chapter 8

Restrictiveness and International Transmission of the "New" Protectionism

Comment

Trade in Services

International Trade in Telecommunications Services

Comments follow chapter 10

International Trade in Banking Services

Comment

Comment

Trade Policy in Oligopolistic Environments

High-Tech Trade Policy

Comments follow chapter 12

Countervailing Duty Laws and Subsidies to Imperfectly Competitive Industries

Comment

Comment

Interaction between the Macroeconomic Environment and Trade Issues

Macroeconomic Policy and Trade Performance: International Implications of U.S. Budget Deficits

Economic Cooperation and Confrontation between Europe and the U.S.A.: A Game-Theoretic Approach to the Analysis of International Monetary and Trade Policies

List of Contributors

Author Index

Subject Index

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