US Economic Sanctions: Their Impact on Trade, Jobs, and Wages
Economic sanctions have resurfaced at the center of public policy debate. After a brief lull following the politically disastrous grain embargo and pipeline sanctions in the early 1980s, sanctions are once again the weapon of choice to enforce a myriad of US foreign policy goals, from countering terrorism to battling drug trafficking. A recent National Association of Manufacturers (1997) study lists over 30 countries hit by new US sanctions during the period 1993-1996. Many of these actions were unilateral, reducing their impact in an increasingly globalized economy that has many alternative suppliers and markets. High-publicity initiatives, such as the Helms-Burton Act and the Iran/Libya Sanctions Act, which threaten to punish third-country corporations that conduct business in Cuba, Iran, and Libya, also raise the possibility that frustrated OECD governments (such as Canada and France) will retaliate against US companies.
Year of publication: |
1997-04
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Authors: | Hufbauer, Gary Clyde ; Elliott, Kimberly Ann ; Cyrus, Tess ; Winston, Elizabeth |
Institutions: | Peter G. Peterson Institute for International Economics (IIE) |
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freely available
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