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471. The 2018 US-China Trade Conflict after 40 Years of Special Protection

Author:
Chad P. Bown
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
In 2018, the United States suddenly increased tariffs on nearly 50 percent of its imports from China. China immediately retaliated with tariffs on more than 70 percent of imports from the United States. This paper assesses what happened in 2018 and attempts to explain why. It first constructs a new measure of special tariff protection to put the sheer scope and coverage of the 2018 actions into historical context. It then uses the lens provided by the 2018 special tariffs to explain the key sources of economic and policy friction between the two countries. This includes whether China’s state-owned enterprises and industrial subsidies, as well as China’s development strategy and system of forcibly acquiring foreign technology, were imposing increasingly large costs on trading partners. Finally, it also examines whether the US strategy to provoke a crisis—which may result in a severely weakened World Trade Organization—was deliberate and out of frustration with the institution itself.
Topic:
Economics, International Trade and Finance, World Trade Organization, Bilateral Relations, Trade Wars, Donald Trump, and Imports
Political Geography:
China, Asia, North America, and United States of America

472. Survival of the International Monetary Fund and Global Economic Cooperation

Author:
Edwin M. Truman
Publication Date:
04-2019
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The International Monetary Fund (IMF)—a quota-based institution—faces a test of its survival as the linchpin of the global financial safety net. Its roughly $1.4 trillion in total financial resources is scheduled to begin to shrink in 2020. In 2015, IMF members committed to strengthening IMF financial resources in the 15th General Review of Quotas, which will end in December 2019. Over the past 25 years, the United States has led the way for a gradual redistribution of IMF quota shares toward faster-growing emerging-market and developing countries. Any significant redistribution of quota shares requires an increase in total quotas. Because of its share of votes in the IMF, the United States must agree to any change in quotas. The Trump administration, however, has signaled that it favors no such change. If the United States does not reverse its stance, IMF members will lose an opportunity to strengthen the institution at a time of global financial uncertainty. Truman says the United States could still change its position and recommends how other member countries should press it to do so.
Topic:
International Trade and Finance, Politics, International Monetary Fund, Global Political Economy, Donald Trump, and Economic Cooperation
Political Geography:
North America, Global Focus, and United States of America

473. Low Inflation Bends the Phillips Curve

Author:
Joseph E. Gagnon and Christopher G. Collins
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The Phillips curve, which traces out a negative relationship between inflation and unemployment, has undergone tremendous changes over more than 100 years. Some researchers argue that the slope of the curve in the United States fell substantially around 20 years ago so that unemployment now has little or no effect on inflation. This paper shows that another hypothesis is equally consistent with the data: The Phillips curve may be nonlinear when inflation is low, with the economy having operated in the flat region of the curve for most of the past 20 years. The next few years may be decisive in the debate between these hypotheses, as unemployment has returned to a range in which a nonlinear curve ought to display significant steepness. A flat Phillips curve implies little change in inflation going forward, but a nonlinear curve implies moderate increases in inflation over the next few years.
Topic:
Economics, Inflation, and Unemployment
Political Geography:
North America and United States of America

474. Space in the Trump Administration's Security Polic

Author:
Mateusz Piotrowski
Publication Date:
08-2019
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
The U.S. will create a new branch of the armed forces to conduct operations in space. This is a response to the increased threat from China and Russia, which are rapidly developing space systems for military use. As a result of the U.S. actions, NATO adopted its first space policy. The effects of this policy also oblige allies who do not have space capabilities and who will have to work out their own policy towards this domain.
Topic:
NATO, Science and Technology, Armed Forces, Military Affairs, Space Force, and Donald Trump
Political Geography:
Russia, China, Eurasia, North America, and United States of America

475. Germany and the Three Seas Initiative

Author:
Tomasz Żornaczuk
Publication Date:
08-2019
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
This year, Germany participated for the second time in a Three Seas Initiative (TSI) summit as an observer. Its participation is motivated by the desire to strengthen cooperation with Central European countries and reduce divisions in the EU. It also aims to limit U.S. economic ambitions in the region, with TSI a potential key vehicle for them. Germany’s efforts to gain membership should be seen as a foreign policy goal. Its success could contribute to influencing infrastructure priorities in Central Europe, if implemented under the TSI.
Topic:
Foreign Policy, Diplomacy, International Cooperation, and Regional Cooperation
Political Geography:
Europe, Germany, North America, Central Europe, and United States of America

476. The Role of Nuclear and Gas in Romania-U.S. Relations

Author:
Jakub Pieńkowski
Publication Date:
10-2019
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
The close alliance between Romania and the U.S. is focused on defence. Their cooperation also extends to energy issues, particularly nuclear energy, gas transit to the Balkans, and extraction from Black Sea deposits. However, Romania’s interests in energy security are only partially convergent with the U.S. goals of eliminating China’s and Russia’s influence in the region and becoming a key gas supplier to Central Europe.
Topic:
Defense Policy, Energy Policy, Bilateral Relations, Nuclear Power, and Gas
Political Geography:
Europe, Romania, North America, United States of America, and Black Sea

477. Prospects for Resolving the Nagorno-Karabakh Conflict

Author:
Arkadiusz Legieć
Publication Date:
11-2019
Content Type:
Special Report
Institution:
The Polish Institute of International Affairs
Abstract:
As a result of the change of power in Armenia in 2018, the Armenian-Azerbaijani talks on the territorial and ethnic conflict over Nagorno-Karabakh have intensified. However, they have not yielded results because the authorities of both countries are under strong internal public pressure, limiting the possibility of compromise. Russia is using the conflict as an instrument of political influence towards both countries. Strengthening the involvement of French and U.S. diplomacy in the work of the Minsk Group and increasing its importance would limit Russia’s role as the main mediator in the conflict.
Topic:
Diplomacy, Ethnic Conflict, Territorial Disputes, and Nagorno-Karabakh Conflict
Political Geography:
Russia, Central Asia, France, Armenia, Azerbaijan, and United States of America

478. Finding an Advocate: The Role of the Private Sector in Korea-Japan Relations

Author:
Jiwon Nam and Kristin Vekasi
Publication Date:
06-2019
Content Type:
Working Paper
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Tensions between South Korea and Japan are frustratingly persistent. Despite the shared interests of both countries, such as economic development in Southeast Asia, and keeping a robust alliance with the United States, South Korea and Japan maintain a bellicose relationship because of unresolved historical misunderstandings and territorial disputes. Inconsistent diplomatic policies and lack of strong leaders have made it difficult to prevent unnecessary hostility between South Korea and Japan. Fear of losing support has prevented politicians from pursuing friendly policies towards each other. Businesspeople, too, have been reluctant to pursue friendly policies towards each other, because of preconceived risks of being targeted for backlash. An examination of economic data shows these risks are minimal, and political tensions do not affect business or consumer behavior. Current efforts from both Korean and Japanese business organizations to improve cooperation include student exchange programs, recruitment processes, and public diplomacy. We urge the business community to advocate more to improve bilateral relations. Economic relations alone are insufficient to handle the task of improving a difficult relationship; there is also a need for leadership. In South Korea-Japan relations, the business community should step in and provide that role.
Topic:
Economics, Bilateral Relations, Business, and Private Sector
Political Geography:
Japan, Asia, South Korea, North America, Korea, and United States of America

479. Is Pyongyang Different in Washington and Seoul? English and Korean Language Policy Discourse on North Korea

Author:
Jeffrey Robertson
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Korea Economic Institute of America (KEI)
Abstract:
During 2017-18, international attention turned to the Korean Peninsula as the threat of conflict reached new heights. This led to an explosion in the growth of “North Korea watchers”— the community of scholars, analysts, government officers, NGO advocates, and journalists who commit a portion of their lives to following events in North Korea. Divides emerged in overlapping regional, professional, institutional (political), and linguistic differences that saw individuals take conflicting positions on key issues. This paper investigates just one of these divides—how language and culture impact policy discourse on North Korea. The study explores language as a source of division in the North Korea watching community. It uses Einar Wigen’s argument that international relations should be conceptualized as inter-lingual relations, which suggests that despite the narrowing of political vocabularies, residues of politico-cultural differences remain in how concepts are contextualized into discourse, even between close partners. The study assesses compatibility between English and Korean language conceptualizations of North Korea, through an assessment of core inputs into policy discourse. The study then discusses the implications for U.S.-South Korea relations, and ongoing efforts to strengthen Korean Peninsula security.
Topic:
International Relations, Security, Foreign Policy, Bilateral Relations, and Conflict
Political Geography:
Asia, North Korea, Korea, and United States of America

480. Converting Maximum Pressure to Maximum Leverage: The Role of Sanctions Relief in Negotiations with North Korea

Author:
Daniel Wertz
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Korea Economic Institute of America (KEI)
Abstract:
The Trump administration’s maximum pressure campaign has led to the imposition of a nearly comprehensive international sanctions regime targeting North Korea and its nuclear weapons program. With negotiations underway, the question of whether to provide North Korea with partial sanctions relief in exchange for limited concessions on its nuclear program has been a major point of dispute between Washington and Pyongyang. This paper looks at sanctions as a form of coercive bargaining and examines the logic and challenges behind a strategy of incrementally exchanging relief from pressure for compliance with the sanctioner’s demands. It argues that taking an “all-or-nothing” approach to sanctions relief risks missing an opportunity to reduce the threat of North Korea’s nuclear program and squandering hard-won negotiating leverage, and outlines a framework for how a step-by-step approach might proceed.
Topic:
International Relations, Nuclear Weapons, Sanctions, and Denuclearization
Political Geography:
Asia, North Korea, North America, Korea, and United States of America