U.S.-Japan and U.S.-China Trade Conflict : Export Growth, Reciprocity, and the International Trading System
First Japan and more recently China have pursued export-oriented growth strategies. While other Asian countries have done likewise, Japan and China are of particular interest because their economies are so large and the size of the associated bilat...
| Main Authors: | , |
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| Language: | English |
| Published: |
2012
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| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20091104151827 http://hdl.handle.net/10986/4303 |
| Summary: | First Japan and more recently China have
pursued export-oriented growth strategies. While other Asian
countries have done likewise, Japan and China are of
particular interest because their economies are so large and
the size of the associated bilateral trade imbalances with
the United States so conspicuous. In this paper the authors
focus on U.S. efforts to restore the reciprocal GATT/WTO
market-access bargain in the face of such large imbalances
and the significant spillovers to the international trading
system. The paper highlights similarities and differences in
the two cases. The authors describe U.S. attempts to reduce
the bilateral imbalances through targeted trade policies
intended to slow growth of U.S. imports from these countries
or increase growth of U.S. exports to them. They then
examine how these trade policy responses, as well as U.S.
efforts to address what were perceived as underlying causes
of the imbalances, influenced the evolution of the
international trading system. Finally, the authors compare
the macroeconomic conditions associated with the bilateral
trade imbalances and their implications for the conclusions
of the two episodes. |
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