We describe recent work on the theory of trade agreements that speaks to the purpose and design of GATT. Our discussion … terms-of-trade externality. On the whole, our review suggests that the core principles of GATT indeed may be interpreted in … the design of GATT and certain historical experiences in trade-policy conduct. We thus interpret the literature reviewed …

This paper discusses the recent regional trade agreements that China has concluded rapidly following accession to the … WTO in 2002. Agreements are in place with Hong Kong, Macao, ASEAN, Australia, and New Zealand, and are either in … difficulties these agreements create in moving to an Asian trade bloc centred on them …

This paper reviews the history of bilateral trade negotiations between Taiwan and the U.S. The question posed at the … outset is: does bilateralism enhance or jeopardize multilateralism? The U.S.-Taiwan experience seems to suggest a grossly … negative answer. Bilateral negotiations for market opening with the threat of unilateral trade sanctions (such as Section 301 …

GATT and its successor, the WTO. We show that GATT's principle of reciprocity serves to neutralize the world-price effects … provided that the externa- lities associated with trade intervention travel through world prices. We then establish that … support for the hypothesis that the principle of reciprocity can deliver an efficient multi- lateral trade agreement in the …

Whether governments clash in trade disputes or negotiate over trade agreements, their actions in the international … arena reflect political conditions back home. Previous studies of cooperative and noncooperative trade relations have … of the structure of protection in a noncooperative trade war and in a cooperative trade agreement …

that optimal tariffs average 62 percent, world trade war tariffs average 63 percent, the government welfare losses from a …How large are optimal tariffs? What tariffs would prevail in a worldwide trade war? How costly would be a breakdown of … international trade policy cooperation? And what is the scope for future multilateral trade negotiations? I address these and other …

We study the effects on trade from the annual tariff uncertainty about China's MFN status renewal prior to joining the … WTO. We have three main findings. First, counter to the evidence elsewhere, trade increases strongly in anticipation of … uncertain future increases in tariffs. Second, even though the trade response can be quite large, the probability of a tariff …

.S. tariff on China rose more under President Biden than under President Trump. We also show that the trade response to the trade …We use the dynamics of U.S. imports across goods in the period around the U.S.-China trade war with a model of exporter … China would face Non-Normal Trade Relations tariffs in the future. Our findings imply that the expected mean future U …

We review theoretical and empirical work on the economic effects of the United States and China trade relations during … economic effects on different outcomes. We then focus on the recent U.S.-China trade war. We discuss methods used to evaluate … its effects, describe its economic effects, and analyze if this increase in trade protectionism reverted the effects of …