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Issues in US-EC Trade Relations

by Robert Baldwin, Carl Hamilton and Andre Sapir University of Chicago Press
Pub Date:
Hbk 407 pages
AU$219.00 NZ$224.35
Product Status: Available in Approx 14 days
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A viable system of international trade requires the active support of both the United States and the European Community, the world's largest trading partners and, consequently, the primary forces shaping the post-World War II international trading regime. In recent years, however, a series of disagreements have threatened the consensus supporting that regime. Differences have arisen over the relation of trade policy to balance-of-trade deficits, the terms of and actual compliance with the current General Agreement on Tariffs and Trade, and the proper agenda and procedures to be adopted in future multilateral trade negotiations. These differences, if left unresolved, will further weaken an already strained system. Issues in US-EC Trade Relations presents the results of a conference organized by the NBER and the Centre for European Policy Studies. In it, North American and European trade specialists offer theoretical, empirical, and historical analyses of some of the major issues on which American and Community officials disagree and also formulate realistic policies for settling present disputes. Contributors consider such topics as the legal aspects of trade between the two regions, agricultural policy, different ways the United States and members of the European Community use embargoes to attempt to induce foreign countries to change particular political actions, the growing trend toward protectionism and responses to this policy, international trade in services, and trade policy in oligopolistic environments. In most cases, each general subject is approached from both an American and a European perspective.

Preface 1. An Introduction to the Issues and Analyses Robert E. Baldwin I. The Legal Framework2. Legal Issues in US-EC Trade Policy: GATT Litigation 1960-1985 Robert E. Hudec Comment: Per Magnus Wijkman Comment: J. P. Hayes II. Agriculture: Trade and Protection3. The Price and Welfare Implications of Current Conflicts between the Agricultural Policies of the United States and the European Community Dermot Hayes and Andrew Schmitz Comment follows chapter 4 4. EC-US Agricultural Trade Confrontation Alexander H. Sarris Comment: Dieter Kirschke III. Embargoes and Strategic Trade Issues5. Strategic Trade, Embargoes, and Imperfect Competition Henryk Kierzkowski Comment follows chapter 6 6. East-West Trade, Embargoes, and Expectations Alasdair Smith Comment: L. A. Winters IV. Industry: New Protectionism and New Competitions7. The Steel Crisis in the United States and the European Community: Causes and Adjustments David G. Tarr Comment follows chapter 8 8. Restrictiveness and International Transmission of the "New" Protectionism Carl B. Hamilton Comment: Juergen B. Donges V. Trade in Services9. International Trade in Telecommunications Services André Sapir Comments follow chapter 10 10. International Trade in Banking Services C. R. Neu Comment: Frances Ruane Comment: Gary P. Sampson VI. Trade Policy in Oligopolistic Environments11. High-Tech Trade Policy Kala Krishna Comments follow chapter 12 12. Countervailing Duty Laws and Subsidies to Imperfectly Competitive Industries Barbara J. Spencer Comment: Henry Ergas Comment: Harry Flam VII. Interaction between the Macroeconomic Environment and Trade Issues 13. Macroeconomic Policy and Trade Performance: International Implications of U.S. Budget Deficits Rachel McCulloch 14. Economic Cooperation and Confrontation between Europe and the U.S.A.: A Game-Theoretic Approach to the Analysis of International Monetary and Trade Policies Giorgio Basevi, Paolo Kind, and Giorgio Poli List of Contributors Author Index Subject Index

Robert E. Baldwin is the Hilldale Professor of Economics at the University of Wisconsin, Madison. Carl B. Hamilton is with the Institute for International Economic Studies, Stockholm. André Sapir is professor of economics at the Free University of Brussels.