Question

Identify one important issue currently facing the world community. Provide enough background information on the issue so that your classmates will understand what is going on. How could the United States work with other countries to address this issue?

Answer 1

Answer) Presently the world is facing a rise of protectionism stance. Whereby nations are imposing high tariff on the imported goods and services. This move would surely aid the domestic producers and industry to flourish. As sometimes the infant industries are not enough productive and competitive at the prevailing world price. This is definitely fruitful for developing nation.

But if such a move is replicated by the developed nations, then this could hinder the world economic prosperity. In the contemporary times, the United States and People Republic of China have engaged in a trade war. In which both the Nations have imposed hefty import duties upon one another. United States cites China as a currency manipulator who engaged in dirty floating to keep the exchange rate of Yuan to a low level.

This trade war is based upon beggar thy neighbor policy as nobody would gain from this and the world as a while would emerge as a loser. There is a dire need to rationalize the import duty, in order to safeguard domestic and world interest. This could be done by reviving the appealing body of World trade organisation. Strength is further by recruiting the suitable number of judges and reestablish the quorum needed for functioning.