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121. Americans Favor US-China Trade, Split Over Tariffs

Author:
Craig Kafura
Publication Date:
09-2019
Content Type:
Special Report
Institution:
Chicago Council on Global Affairs
Abstract:
Over the past 18 months, the United States and China have engaged in a steady escalation of tariffs. Beginning with steel and aluminum tariffs imposed by the Trump administration in March 2018, the trade conflict has expanded to cover hundreds of billions of dollars in bilateral trade. Recent rounds of negotiations have made no new progress and have led to both sides escalating further. The most recent US tariffs on Chinese imports went into effect on September 1, covering $112 billion of goods. Beijing has countered with retaliatory tariffs and has halted all agricultural purchases from the United States, a move targeted at already-struggling US farmers. While Americans broadly support engaging in trade with China, they are split along partisan lines on how to engage in that trade. Republicans support raising tariffs on Chinese imports and believe it will help the US economy in the long run, while Democrats oppose doing so and believe it will be harmful.
Topic:
International Trade and Finance, Bilateral Relations, Tariffs, and Trade Wars
Political Geography:
China, Asia, North America, and United States of America

122. Processing Trade, Trade Liberalisation, and Opening Up China's Miracle of International Trade

Author:
Miaojie Yu and Huihuang Zhu
Publication Date:
11-2019
Content Type:
Working Paper
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
Understanding the role of international trade is the key to understanding China’s miraculous economic growth. This paper reviews the literature on international trade in the context of China, with a focus on processing trade, trade liberalisation, and firmperformance to provide a better understanding of China’s experience of opening up over the past four decades.
Topic:
International Trade and Finance, Economic Growth, and Trade Liberalization
Political Geography:
China and Asia

123. Globalisation and Economic Development: Malaysia's Experience

Author:
Cassey Lee
Publication Date:
12-2019
Content Type:
Working Paper
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
The economic development of Malaysia has been strongly driven and shaped by globalisation, from the pre-colonial to the post-independence period. The country has harnessed trade, foreign capital, and foreign labour to grow and has transformed its economy from one that was highly dependent on primary commodities (tin and rubber) into one driven by manufactured exports. The impact of globalisation on the Malaysian economy has changed through the various phases of its development experience. The early phases of the country’s engagement with globalisation reduced poverty and inequality. In later stages, excessive dependence on low-skilled foreign labour, although beneficial initially, may have compromised the competitiveness of the economy. Malaysia’s multi-ethnic society has also posed considerable challenges in the balancing of domestic needs and benefits with greater engagement with globalisation. The openness of the Malaysian economy has also made it vulnerable to global economic shocks.
Topic:
Globalization, International Trade and Finance, Inequality, and Economic Development
Political Geography:
Malaysia and Asia

124. Economic Consequences of Globalisation: Case Study of Thailand

Author:
Archanun Kohpaiboon
Publication Date:
12-2019
Content Type:
Working Paper
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
The paper reviews empirical works examining the effect of globalisation in Thailand, beginning with a discussion of its integration into the economy. Three drivers of economic globalisation are emphasised: international trade, foreign direct investment, and cross-border labour mobility. The findings point to globalisation’s potential to create a favourable economic impact. Opening up to international trade could promote productivity and drive economic growth. Large foreign direct investment inflows enticed by export-oriented industrialisation are likely to generate horizontal technological spillovers within a given industry; vertical spillovers through the linkages were not a robust result. There is no evidence that employing foreign workers retards firm productivity; rather, the opposite is the case. Well-performing firms are in a position to attract foreign workers and maintain production capacity. Global production sharing (GPS) does not necessarily mean the participating countries are trapped at the low end of the quality ladder. The Thai experience supports the case for further globalising its economy. Any possible side effects of globalisation can be mitigated by other policies such as strengthening the social safety net.
Topic:
Globalization, International Trade and Finance, Labor Issues, and Economic Growth
Political Geography:
Asia and Thailand

125. Delivering Prosperity in the Indo-Pacific: An Agenda for Australia and the United States

Author:
Matthew P. Goodman, Gordon de Brouwer, Shiro Armstrong, and Adam Triggs
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
The ongoing shift in global economic weight to the Indo-Pacific1 presents tremendous opportunities for the United States and Australia, along with risks and significant challenges. Both countries share a deep strategic interest in working together to keep Asian markets open, contestable, and rules-based. In doing so, Washington and Canberra can help maximize the prosperity and security of the American and Australian people, as well as those in the region. It is an opportunity too great to miss.
Topic:
International Cooperation, International Trade and Finance, and Economic Cooperation
Political Geography:
Asia, Australia, North America, and United States of America

126. CSIS Brief: Beyond the Brink: Escalation and Conflict in U.S.-China Economic Relations

Author:
Matthew P. Goodman, Dylan Gerstel, and Pearl Risberg
Publication Date:
09-2019
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
As the United States and China mark their 40th anniversary of formal diplomatic relations in 2019, the world’s most important bilateral relationship is increasingly defined by mistrust, competition, and uncertainty. After four decades of deepening economic integration, the talk in Washington today is about the extent to which the two economies will “decouple” over the years ahead. In a recent study, the CSIS Simon Chair drew on several different academic disciplines to model how an economic conflict between the United States and China could escalate and eventually de-escalate. Our findings suggest that economic conflict is likely to be an enduring feature of the U.S.-China relationship for many years to come. Until perceptions of relative costs in the two countries shift, Washington and Beijing seem set on a path of continued escalation, no substantial trade deal, and at least partial decoupling of their economies.
Topic:
International Trade and Finance, Conflict, Trade Policy, and Economic Cooperation
Political Geography:
China, Asia, North America, and United States of America

127. The Sino-U.S. Phase One Trade Deal Is an Imperfect Painkiller. What's Next?

Author:
Jude Blanchette and Qiu Mingda
Publication Date:
09-2019
Content Type:
Journal Article
Journal:
The Ambassadors Review
Institution:
Council of American Ambassadors
Abstract:
After two days of intense talks with United States Trade Representative (USTR) Robert Lighthizer, Chinese Vice Premier Liu He and his delegation crossed the street to the White House on the afternoon of October 11th to meet with President Donald Trump for the first time since the negotiations collapsed in May. The visit marked the 13th round of the bilateral trade talks and concluded with an announcement from the Oval Office of a “phase one” agreement. According to President Trump, this included China’s commitment to purchase $40-50 billion of U.S. agricultural products and a pledge to strengthen its intellectual property protection regime domestically. Moreover, Beijing would make still-unknown adjustments to how it manages its currency, the renminbi. For its part, the United States delayed a scheduled tariff hike on $250 billion of Chinese goods from 25% to 30% on October 15th. In addition, the Treasury Department would potentially review its previous decision to designate China a currency manipulator. All in all, it seemed to mark a turning point in the bilateral tensions. According to a tweet from President Trump two days later, this was the beginning of a larger deal that would be spread over three phases and that would benefit American farmers and potentially put an end to the trade hostilities between the two nations. In short, he tweeted, “the relationship with China is very good.” Though he acknowledged that the actual terms of any deal are still being worked out, the President repeatedly expressed optimism that he and Chinese leader Xi Jinping could ink a deal by mid-November during their meeting at the upcoming Asia-Pacific Economic Cooperation (APEC) meeting in Santiago, Chile. Unfortunately, such confidence is misplaced. The decided lack of details on the scope, timing and mechanics of the phase one announcement is an indication of just how preliminary the agreement is. Second, Beijing remains unwilling to make more substantive concessions on core structural issues, ranging from its preferential treatment of its state-owned enterprises to a credible commitment that it will protect the intellectual property of foreign companies. Finally, even if phase one comes to fruition, this won’t do much to reduce the uncertainty that likely will define the U.S.-China relationship for years to come, as both countries begin to openly acknowledge that they are entering a period of prolonged strategic rivalry.
Topic:
Diplomacy, International Cooperation, International Trade and Finance, and Trade Policy
Political Geography:
China, Asia, North America, and United States of America

128. The quest for recognition: Taiwan’s military and trade agreements with Singapore under the one-China policy

Author:
Pasha L. Hsieh
Publication Date:
01-2019
Content Type:
Journal Article
Journal:
International Relations of the Asia-Pacific
Institution:
Japan Association of International Relations
Abstract:
This article examines the evolution of Taiwan’s relationship with Singapore since the 1960s as a unique case study in the Asia-Pacific. The theoretical concept of recognition in international relations (IR) and its nexus with international law are used to analyze the conclusion of the bilateral military and trade agreements absent diplomatic relations. The article argues that beyond security dimensions, the two states’ struggles for recognition exhibit the formation of national identities, which invigorate the claims for sovereign state status in global politics. First, this article explores the emerging notion of recognition in IR and sheds light on the significance of Taiwan’s presidential visit to Singapore under its one-China policy. Second, it explains Singapore’s pursuit of external sovereignty that led to substantive defense cooperation with Taiwan, as well as the role of Lee Kuan Yew in facilitating Beijing–Taipei negotiations. Finally, it assesses contemporary developments such as the inking of the Taiwan–Singapore free trade agreement and the first-ever summit between the presidents of China and Taiwan in Singapore. Hence, the political and legal analysis of Singapore–Taiwan relations enriches the study of IR and contributes to the understanding of the foreign policy of China and the Association of Southeast Asian Nations.
Topic:
Foreign Policy, International Trade and Finance, Treaties and Agreements, Military Affairs, and Trade
Political Geography:
China, Taiwan, Asia, and Singapore

129. Expo promotes high-quality development

Author:
Dong Yan and Wen Jun
Publication Date:
11-2019
Content Type:
Policy Brief
Abstract:
China will promote higher-level opening-up by continuing to expand access to its market, increase imports, foster a world-class business environment, deepen multilateral and bilateral cooperation and jointly build the Belt and Road Initiative. This is the promise President Xi Jinping made in his keynote speech at the second China International Import Expo in Shanghai on Tuesday. ...... China's imports have made important contributions to global trade and economic growth, accounting for 10.67 percent of the global goods imports last year. At the second CIIE, which concludes on Sunday, more than 150 countries, regions and international organizations from across five continents are showcasing their development results while more than 3,000 enterprises are holding talks with purchasing agents both inside and outside China. The CIIE is a platform for not only trading goods and services, but also exchanging ideas and discussing global trade issues.
Topic:
Development, International Trade and Finance, Business, Trade, and Imports
Political Geography:
China and Asia

130. More than meets the eye in ROK ceding developing economy status

Author:
Dong Yan and Ma Tao
Publication Date:
11-2019
Content Type:
Policy Brief
Abstract:
A large number of farmers in the Republic of Korea took to the streets of Seoul on Wednesday, protesting the government's recent decision to give up its developing country status at the World Trade Organization in future trade negotiations and thus lose the benefits accruing out of it. The protesters were worried that the decision would eventually lead to a drastic cut in state agriculture subsidies and tariffs. …… Given that countries could experience uneven development, gaining undue advantages in some areas while being weak in others, the WTO has prevented some developing countries from enjoying some of the special and differential treatments in certain fields. For instance, it has restricted the ROK and India from using measures to promote balance of payment. Besides, the Agreement on Trade-Related Aspects of Intellectual Property Rights, revised in 2003, allows countries that lack production capability to import nonproprietary medicines, which is opposed by the developed countries－and 11 countries including China, the ROK, Mexico and Turkey have agreed to implement the agreement only in emergencies.
Topic:
International Trade and Finance, Treaties and Agreements, World Trade Organization, and Trade
Political Geography:
China, India, Asia, and Korea