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Lecture 12 : Politics of Trade - Current Debates

Explore the current debates and issues surrounding the politics of trade. Learn about tariffs, quotas, subsidies, and dumping, as well as understanding public opinion and the domestic politics of trade.

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Lecture 12 : Politics of Trade - Current Debates

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  1. Lecture 12: Politics of Trade - Current Debates • Benjamin Graham • Lecture 10: Trade and Development Benjamin Graham

  2. Today’s Plan • Housekeeping • Reading quiz • Tariffs vs. Quotas vs. Subsidies vs. Dumping • Understanding public opinion • Group exercise • Lecture 10: Trade and Development Benjamin Graham

  3. Housekeeping • Midterm is a week from Friday (September 29) • Homework 2 is due a week from today (September 27) • Midterm study guide is posted • Homework 2 is posted • Benjamin Graham

  4. Question 1 Which important country was not part of the TPP negotiations? • China • Japan • Mexico • Canada • China, Mexico, and Canada were all excluded • IR 213: Introduction Benjamin Graham

  5. Reading Quiz (2) • Trade Adjustment Assistance: • A. Less generous than traditional unemployment • B. Only lasts for 8 weeks • C. Is the “Cadillac of retraining programs” • D. Includes welfare payments for the rest of worker’s life • Lecture 6: Barriers to Trade Benjamin Graham

  6. Reading Quiz (3) • What type of benefits are included in Trade Adjustment Assistance: • A. Cover your moving costs to go take a new job • B. Pay for you to go back to school in selected fields • C. Both A & B • D. Neither A nor B • Lecture 6: Barriers to Trade Benjamin Graham

  7. The Midterm Exam • Key Terms, Short Answer, Mini-Essay • Key terms: • Definition: 1 sentence. • Relevance: 1-3 sentences • Example: 1-3 sentences • Short Answer: 1 sentence is all it takes, sometimes just 1 word. • Mini-Essay: 3-6 Sentences. • There will be multiple points we’re looking for • Lecture 11: Midterm Review Benjamin Graham

  8. Recommendations • Study in groups • Divide questions - write up correct answers to every question • Attend to cognitive diversity • Lecture 11: Midterm Review Benjamin Graham

  9. How Tariffs and Quotas Work (review) • Lecture 7: Domestic Politics of Trade Benjamin Graham

  10. How Subsidies work (review) • Lecture 7: Domestic Politics of Trade Benjamin Graham

  11. How Dumping Works • Lecture 7: Domestic Politics of Trade Benjamin Graham

  12. Checking Understanding • If Chinese producers dump cheap car axels into the U.S. market, which groups are harmed? • A. U.S. axel makers • B. U.S. car makers • C. U.S. car buyers (consumers) • D. U.S. taxpayers • E. C & D • F. A & B • Lecture 6: Barriers to Trade Benjamin Graham

  13. Why Did (Part of) the American Public Turn Against Trade? • Benefits of trade have primarily gone to the wealth • Also to urban centers on the coast • Redistribution of the gains from trade is harder than we thought • Republicans have traditionally favored free trade • But red states weren’t benefitting that much • Lecture 7: Domestic Politics of Trade Benjamin Graham

  14. Why Did The TPP Fail? • Trade agreements aren’t (only) about trade anymore • They aren’t primarily about tariffs, subsidies, and quotas • Non-tariff barriers • Product safety rules, environmental rules, etc. • Intellectual property rights • Foreign direct investment • dispute resolution • Lecture 7: Domestic Politics of Trade Benjamin Graham

  15. Some big think • In groups, please write down at least one benefit and at least one cost of each of the following strategies. In each case, identify who is harmed (for the cost) and who is benefitted (for the benefit) • Total trade openness (i.e. removal of all tariffs, quotas, and subsidies) • Subsidizing/protecting key industries • Big government safety net (i.e. unemployment insurance, job retraining, welfare, social security, government healthcare, etc.) • Lecture 7: Domestic Politics of Trade Benjamin Graham

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