Micro economy: Analyze and Discuss the trade policiy of any country of your choice - Essay Example

Over the years, The United States has increased its integration with the economic development around the globe. The present trade policy of the United States has provided gains as well as offered challenges and shortcomings to the country’s business development, agricultural sector, labor department, and the consumer groups (Niskanen, 1998). The vast regimen of the U.S. trade policy that was in practice since1930 has endured for more than a half percentile with two basic significant features.

The basic idea behind the foreign policy was the concept of free trade. Administration had the rights to make or break the trade policies as well as the right to delegate different policies. Nonetheless, after the immense trade shortfalls and slurps in the era of 1980’s, the US trade policy changed dramatically. The policy then established is still under practice and this continuation of the policy holds its basis on the so far, good concept. The new trade policy characterizes the concept of reciprocity as the current political orientation of the trade policy.

Another important point is the involvement of the Congress in trade affairs and policymaking instead of the government or the administration. The US now extends a trade policy characterizing open trade markets. The concept of multilateral trade governs most of the international trade of the country and holds a strong position in the trade policy. Unilateral orientation is set for the countries that are in mounting stages. This orientation is in accordance with the U.S. trade policy objectives.

The trade policy is in accordance with the WTO, and the country grants different waivers to the developing states as a part of its trade policy (WTO, 2006). Import measures include restrictions such as tariffs and some of the non-tariff restrictions as well. The non-tariffs restrictions are set to comfy the local and domestic industries (Baldwin et al, pp. 33). When it comes to exports, the central trade objective of