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 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 …

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 …

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 …

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 …

China has been increasingly active on the regional trade agreement front over since WTO Accession occurred in 2001 …. Those in prospect are with major trading areas (US, Japan, Korea, and India). All are driven in part by China's needs for …

-based measures. Examples from countries around the world illustrate the role of political and policy developments as drivers of … fluctuations in economic uncertainty. I also highlight the prominent role of trade policy as a source of uncertainty and stock … market volatility since March 2018, when U.S.-China tensions began to escalate. Lastly, I offer remarks on the interplay …