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Should the China-U.S. trade agreement prompt relief because it averts a damaging trade war or concern because selective preferential access for the United States to China's markets breaks multilateral rules against discrimination? The answer depends on how China implements the agreement. Simulations from a computable general equilibrium model suggest that the United States and China would be better off under this "managed trade" agreement than if the trade war had escalated. However, compared with the policy status quo, the deal will make everyone worse off except the United States and its input-supplying neighbor, Mexico. Real incomes in the rest of world would decline by 0.16 percent and in China by 0.38 percent because of trade diversion. China can reverse those losses if, instead of granting the United States privileged entry, it opens its market for all trading partners. Global income would be 0.6 percent higher than under the managed trade scenario, and China's income would be nearly 0.5 percent higher. By creating a stronger incentive for China to open its markets to all, an exercise in bilateral mercantilism has the potential to become an instrument for multilateral liberalization.

Access to Markets --- Bilateral Mercantilism --- Computable General Equilibrium Model --- International Economics and Trade --- International Trade and Trade Rules --- Managed Trade --- Preferential Access --- Preferential Trade Agreement --- Trade Diversion --- Trade Liberalization --- Trade Policy --- Trade War

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Free trade is always under attack, more than ever in recent years. The imposition of numerous U.S. tariffs in 2018, and the retaliation those tariffs have drawn, has thrust trade issues to the top of the policy agenda. Critics contend that free trade brings economic pain, including plant closings and worker layoffs, and that trade agreements serve corporate interests, undercut domestic environmental regulations, and erode national sovereignty. Why are global trade and agreements such as the Trans-Pacific Partnership so controversial? Does free trade deserve its bad reputation? This book aside the misconceptions that run rampant in the debate over trade and gives readers a clear understanding of the issues involved. In its fifth edition, the book has been updated to address the sweeping new policy developments under the Trump administration and the latest research on the impact of trade.

Free trade. --- Globalization. --- Protectionism. --- United States --- United States. --- Commercial policy. --- Adobe. --- Algorithmic trading. --- Anti-globalization movement. --- Balance of trade. --- Brookings Institution. --- Bureaucrat. --- Calculation. --- Comparative advantage. --- Competition. --- Competitiveness. --- Consumer. --- Consumption (economics). --- Currency. --- Developed country. --- Donald Trump. --- Dumping (pricing policy). --- Economic development. --- Economic growth. --- Economic integration. --- Economic interventionism. --- Economic policy. --- Economics. --- Economist. --- Economy of the United States. --- Economy. --- Employment. --- Exchange rate. --- Expense. --- Export subsidy. --- Export. --- Financial crisis of 2007–08. --- Financial crisis. --- Foreign direct investment. --- Foreign trade of the United States. --- General Agreement on Tariffs and Trade. --- Great Recession. --- Gross domestic product. --- Import "a. --- Import Duty. --- Import. --- Income. --- Industrial policy. --- Industry. --- Inflation. --- International Monetary Fund. --- International trade. --- Investment. --- Journal of International Economics. --- Legislation. --- Liberalization. --- Lobbying. --- Macroeconomics. --- Manufacturing. --- Market economy. --- Market price. --- National security. --- Net Exporter. --- Net Importer. --- North American Free Trade Agreement. --- Oxford University Press. --- Paul Krugman. --- Payment. --- Percentage point. --- Peterson Institute for International Economics. --- Policy. --- Politician. --- Price support. --- Princeton University Press. --- Product (business). --- Productivity. --- Ralph Nader. --- Real income. --- Recession. --- Regulation. --- Smoot–Hawley Tariff Act. --- Subsidy. --- Supply (economics). --- Tariff. --- Tax. --- Technology. --- The Wealth of Nations. --- Trade agreement. --- Trade barrier. --- Trade diversion. --- Trade restriction. --- Trade union. --- Trade war. --- Trans-Pacific Partnership. --- Unemployment. --- United States Department of Commerce. --- Wage. --- Welfare. --- World Bank. --- World Trade Organization. --- World War II. --- World economy. --- Free trade