International trade policy is currently facing numerous challenges that are having a significant impact on the global economy. From trade conflicts between major economic powers to protectionist tendencies and disrupted supply chains, these issues are hampering the stability and growth of global trade. Addressing these complex issues is crucial for a sustainable future. Read the latest news on trade policy from the Table.Briefings editorial team here! What are the current problems in international trade policy? Current problems in international trade policy are diverse and complex: these problems require multilateral cooperation and innovative approaches to make global trade sustainable and stable. What is trade policy? Trade policy comprises the measures and strategies that a state uses to regulate and control international trade. It aims to promote, protect or control trade relations with other countries. The main instruments of trade policy are tariffs, export and import restrictions, trade agreements and subsidies for domestic companies. A country can use tariffs to make imports more expensive in order to protect its own industry from foreign competition. Trade agreements, on the other hand, such as free trade agreements, aim to reduce trade barriers and facilitate trade between the countries involved. Trade policy has a major influence on a country's economy. It can promote growth, create jobs and strengthen the competitiveness of domestic companies. At the same time, it carries the risk of creating tensions with trading partners and triggering trade conflicts. Striking the right balance between protectionism and free trade is therefore crucial. What are the tasks of trade policy? The tasks of trade policy are diverse and aim to protect and promote a country's economic interests in international trade. One central task is to protect domestic industry from unfair competition from foreign imports. This can be achieved through tariffs, import restrictions or subsidies. Another important aspect is the promotion of exports in order to strengthen the competitiveness of domestic products on international markets. To this end, trade agreements are often concluded to facilitate access to foreign markets. Trade policy also contributes to securing economic stability by ensuring a balanced relationship between imports and exports. It also plays an important role in international cooperation by resolving trade conflicts and contributing to economic integration. Finally, trade policy promotes technology transfer and innovation by supporting strategic partnerships and investments abroad. What are the instruments of trade policy? The instruments of trade policy include various measures to regulate and control international trade. These include: These instruments are used to protect economic interests, promote trade and strengthen international competitiveness. What types of trade policy are there? There are several types of trade policy that pursue different objectives and each have specific advantages and disadvantages: Protectionist trade policy: in this form, a country protects its domestic industry through tariffs, import quotas and subsidies. Free trade policy: This policy promotes the free exchange of goods and services between countries without trade barriers. Trade liberalization: This refers to the gradual reduction of trade barriers and the opening of markets, often within the framework of international agreements. Each of these trade policies has its own strengths and weaknesses, and the choice of the appropriate strategy depends on a country's specific objectives and economic situation.
US-EU trade deal: European Parliament trade committee votes to implement the agreement
The European Parliament’s trade committee approved tariff reductions on US products, subject to strict conditions. The measures are temporary and will only take effect if Washington fulfills all of its obligations.
By Antonia Zimmermann