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Issues in US-EC Trade Relations

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.

407 pages | 19 line drawings, 42 tables | 6.00 x 9.00 | © 1988

National Bureau of Economic Research Conference Report

Economics and Business: Business--Industry and Labor, Economics--International and Comparative

Table of Contents

1. An Introduction to the Issues and Analyses
Robert E. Baldwin
I. The Legal Framework
2. 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 Protection
3. 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 Issues
5. 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 Competitions
7. 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 Services
9. 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 Environments
11. 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

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