At the same time, Donahue and Yerxa endorsed the need to aggressively enforce existing trade rules when partners engage in unfair trade practices. Under World Trade Organization rules, countries can impose targeted duties on imports when countries cheat to make certain products artificially cheaper in world markets. But they didn’t support Trump’s idea of slapping punitive tariffs on imports from certain countries because they have a positive balance of trade with the United States or to force U.S. manufacturers to return factories back home.
An essential component of having open trade in the world is having a reciprocal relationship with your trading partners.
But creating broad rules of the road for e-commerce, free data flows, state-operated enterprises and other broad categories of cross-border business require a multilateral approach to remove impediments, Brilliant added.
Every administration comes in with their own ideas, but you also learn quickly it takes time to get new ideas off the table, so let’s look at what’s out there and ways to improve it.