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Begin New Search Topic Trade Policy Journal Joint U.S.-Korea Academic Studies

1. Re-Energizing Economic Integration between South Asia and East Asia

Author:
Pradumna B. Rana
Publication Date:
04-2018
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
This chapter focuses on economic integration (linkages) between South Asia and East Asia.2 The topic is important for three reasons. First, South Asia-East Asia (SA-EA) trade is a component of South-South trade and could be a useful buffer should North-South trade soften, or populism lead the North to view trade as a “zero-sum” game, as is presently the case in the United States and several countries in Europe. The withdrawal of the United States from the Trans-Pacific Partnership (TPP) in January 2017 and President Trump’s reiteration of his “America First” trade policy at the 2017 APEC meetings in favor of bilateralism and “fair trade” has generated interest in alternate trade policy options in the EA region.
Topic:
Trade Policy, Economic Integration, Regional Economy, and TPP
Political Geography:
South Asia, East Asia, and Asia

2. A U.S. Perspective on Bilateral Economic Relations

Author:
Mark Manyin and Brock Williams
Publication Date:
08-2017
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
The past several years have been an era of relative calm in U.S.-South Korean trade and economic relations. The Trump administration, however, has signaled two potential paradigm shifts that could lead to greater tension in the bilateral economic relationship. The first is the president’s relatively negative view of existing U.S. trade policy and willingness to at least threaten the use of measures that historically have been infrequently deployed to correct what he views as its failures. This may affect the future course of the South Korea-U.S. Free Trade Agreement (KORUS FTA), which the administration presumably will scrutinize as part of its examination of relationships in which the United States runs a trade deficit. Second and intimately related, the president has signaled in his statements a willingness to use U.S. security relationships to influence economic relations and vice versa. On both fronts, uncertainty abounds, due in part to existing institutional structures that limit the president’s ability to take new policy directions without, for example, the consent of Congress. The administration’s own lack of clarity on its policy priorities and the possibility that stating seemingly extreme positions may represent a negotiating tactic rather than a policy shift, also cloud the outlook for how the United States will approach the bilateral economic relationship. The uncertainty also reflects the fact that key trade policy officials, including the United States Trade Representative (USTR), have yet to be confirmed.
Topic:
Security, Bilateral Relations, Economy, and Trade Policy
Political Geography:
Asia, South Korea, North America, and United States of America

3. The Trump Administration, U.S.-Korean Economic Relations, and Asian Regionalism

Author:
Claude Barfield
Publication Date:
08-2017
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
This analysis written “in medias res” (in the midst of things) covers trade policy under President Donald Trump. The basic outline was prefigured during the presidential campaign, but this did not preclude surprising policy twists and turns (even contradictions) during the first months of the administration. In part, these tergiversations can be explained by the shakedown cruise for any new regime, but in this case, this fairly standard phenomenon has been complicated by the highly personal, idiosyncratic “Trump brand” of policymaking. In many areas of domestic and foreign policy, Trump had little or no experience or fixed opinions. Not so with trade: well back in the 1980s, Trump, as a private corporate leader, had railed against the “unfair” trade practices of Japan and other U.S. trade partners, as well as mounting U.S. trade deficits.1 These themes defined his presidential campaign and have been carried through in actions since he took office in January. The trade priorities have included: “America First” and the vigorous assertion of U.S. sovereignty, with the undisguised threat of unilateral action in defiance of the World Trade Organization; trade negotiations and renegotiation of existing trade agreements with the primary goal of reducing U.S. trade deficits; stepped up use of trade remedy (anti-dumping and countervailing duties) actions, as well as the threat to retaliate against U.S.-defined “unfair” trade practices; and tying trade restrictions directly to alleged national security imperatives. Yet, what seems a sure fact one day may be outdated the next, complicating preparation of this chapter.
Topic:
International Relations, Economy, Trade Policy, Donald Trump, and Regional Politics
Political Geography:
Asia, South Korea, North America, and United States of America