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32. North American Agriculture under NAFTA
- Author:
- Gary Clyde Hufbauer, Jeffrey J. Schott, and Yee Wong
- Publication Date:
- 12-2004
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The NAFTA agreement on agricultural trade consists of three bilateral agreements—between the United States and Mexico, the United States and Cana da, and Canada and Mexico. The US-Canada agreement largely carried into NAFTA the tariff and nontariff barrier rules that had been adopted in the Canada-US Free Trade Agreement (CUSFTA). Under CUSFTA, most agriculture tariffs between the United States and Canada were to be phased out by January 1998, and this schedule was adopted by NAFTA for US-Canada agricultural trade. However, Canada was allowed to maintain permanent tariff-rate-quota (TRQ) restrictions on imports of dairy, poultry, and eggs; and the United States was allowed to maintain TRQs on imports of sugar, dairy products, and peanuts from Canada (see table 1). Although a tariff snapback provision remains in effect until 2008, it has rarely been used by Canada. Agricultural trade between Mexico and Canada was limited by virtually the same restrictions. As might be expected, some agriculture trade associations favored NAFTA and others opposed. Box 1 summarizes the lineup of important trade associations.
- Topic:
- Agriculture, Economics, and International Trade and Finance
- Political Geography:
- United States, Canada, North America, and Mexico
33. NAFTA Dispute Settlement Systems
- Author:
- Gary Clyde Hufbauer, Jeffrey J. Schott, and Yee Wong
- Publication Date:
- 11-2004
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Building on the 1989 Canada-US Free Trade Agreement (CUSFTA), the NAFTA contains dispute settlement provisions in six separate areas. NAFTA Chapter 11 is designed to resolve investor-state disputes over property rights; Chapter 14 creates special provisions for handling disputes in the financial sector via the Chapter 20 dispute settlement process (DSP); Chapter 19 establishes a review mechanism to determine whether final antidumping and countervailing duty decisions made in domestic tribunals are consistent with national laws; and Chapter 20 provides government-to-government consultation, at the ministerial level, to resolve high-level disputes. In addition, the NAFTA partners created interstate dispute mechanisms regarding domestic environmental and labor laws under the North American Agreement on Environmental Cooperation (NAAEC) and the North American Agreement on Labor Cooperation (NAALC), respectively. This chapter examines the first four dispute settlement systems; the NAAEC and NAALC systems are evaluated in the environment and labor chapters of this book.
- Topic:
- International Relations, Economics, and International Trade and Finance
- Political Geography:
- United States and Canada
34. Next Move in Steel: Revocation or Retaliation?
- Author:
- Gary Clyde Hufbauer and Ben Goodrich
- Publication Date:
- 10-2003
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In May 2003, the World Trade Organization (WTO) dispute panel ruled that US steel safeguards imposed in March 2002 are illegal. The WTO Appellate Body is all but certain to confirm the panel's judgment, probably by December 2003. Then the Bush administration will face an important choice. It can keep the safeguards in place, pleasing steel producers and important constituencies in West Virginia, Pennsylvania, and Ohio. However, doing so would further anger steel users, who have probably lost more business and jobs as a direct consequence of the safeguards than steel producers have gained. Maintaining the safeguards would also send a signal to the world's trading nations that the United States is not prepared to endure the political cost of eliminating steel protection. Furthermore, the administration would run the risk that, in the middle of a presidential election season, foreign countries will exercise their rights under the WTO to retaliate.
- Topic:
- Government and International Trade and Finance
- Political Geography:
- United States, Pennsylvania, Ohio, and West Virginia
35. The Impact of Economic Sanctions on US Trade: Andrew Rose's Gravity Model
- Author:
- Gary Clyde Hufbauer and Barbara Oegg
- Publication Date:
- 04-2003
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- With the end of the Cold War, the focus of US foreign policy changed—and so did that of economic sanctions. Partly because of increased cooperation within the UN framework, economic sanctions were imposed so routinely in the early 1990s that scholars called that period the sanctions decade. This proliferation sparked intense debate about the effectiveness of sanctions as a policy tool and moved US sanctions policy to the center of public discourse.
- Topic:
- Economics, International Trade and Finance, and Political Economy
- Political Geography:
- United States
36. Support the Ex-Im Bank: It Has Work to Do!
- Author:
- Gary Clyde Hufbauer and Ben Goodrich
- Publication Date:
- 05-2002
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The US Export-Import (Ex-Im) Bank is again at the center of controversy, as Congress debates the terms for its charter renewal. This policy brief critiques provisions of the House and Senate versions of the reauthorization bill and summarizes three justifications for Congress giving adequate support to the Ex-Im Bank. Box 1 provides a capsule description of the Ex-Im Bank's operations.
- Topic:
- Economics, Government, and International Trade and Finance
- Political Geography:
- United States
37. Hazards and Precautions: Tales of International Finance
- Author:
- Gary Clyde Hufbauer and Erika Wada
- Publication Date:
- 09-1999
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In the wake of financial crises in Mexico (1994-95), Asia (1997-98), Russia (1998) and Brazil (1998-99), respected observers have questioned the benefits of wide-open international capital markets (Bhagwati, 1998; Krugman, 1998; Rodrik, 1998; Eichengreen, 1999). Our purpose is to identify true hazards and suggest appropriate precautions.
- Topic:
- Economics, International Trade and Finance, and Political Economy
- Political Geography:
- Russia, Asia, Brazil, and Mexico
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