THE US FOREIGN ECONOMIC POLICY IN 2017-2020: CORONAVIRUS TEST
https://doi.org/10.21686/2410-7395-2020-2-47-56
Abstract
Cutting US Federal Reserve’s policy rate in response to coronavirus, financial measures to fight the possible perspectives of recession may be very effective in the short run, but the case is more complicated than ever been. The usual tools of economic policy are under the question and Trump's trade policy seems to be on the way of the United States fight against COVID-19. The American tariffs on Chinese products – from protective gear for doctors and nurses, personal protective equipment, masks, sterile gloves to the medical equipment – have its impact on the United States market and may contribute to shortages of these products. So the Trump administration’s tariffs may hit medical products which are needed for treating COVID-19 and become an obstacle to fight this pandemic. While some exclusions were made, their effectiveness is limited. At the same time cancellation of sanctions may contribute to fight this pandemic by allowing access to medical products and supporting international trade at the face of recession.
Supporting agencies: The reported study was funded by RFBR, project number 20-014-00001 А «Global and Regional Effects of US Economic Policy in the second – the beginning of the third decade of the XXI century: New Challenges and Chances for Russia».
About the Authors
E. V. Emelianov
Institute for USA and Canada Studies Russian Academy of Sciences
Russian Federation
Russian Federation
Evgeny V. Emelianov, PhD, Senior Researcher
2/3, Khlebny per., Moscow, 123995, Russian Federation
P. A. Aksenov
Institute for USA and Canada Studies Russian Academy of Sciences
Russian Federation
Russian Federation
Pavel A. Aksenov, PhD, Senior Researcher
2/3, Khlebny per., Moscow, 123995, Russian Federation
References
1. Voennyy byudzhet SSHA 2020 [Defense Budget US 2020]. Kommersant, 2019, December 21. Available at: https://www.kommersant.ru/doc/4204732
2. Emelyanov E. V. Vneshnetorgovyy kurs D. Trampa: plany i realii [Foreign Trade Course of D. Trump: Plans and Reality], Mezhdunarodnaya torgovlya i torgovaya politika, 2018, No. 2, pp. 73–82.
3. Lavrov rasskazal ob itogah vstrechi s Trampom [Lavrov about meeting with Trump], 2019. – December 11. Available at: https://news.mail.ru/politics/39820648/?frommail=1
4. Telegina E. A., Halova G. O. Sanktsii i torgovye voyny kak indikatory transformatsii mirovogo hozyaystva. Vozmozhnosti dlya Rossii [Sanctions and Trade Wars as Indicators of Transformation of the World Economy. Opportunities for Russia], Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2019, No. 2, pp. 13–20.
5. Chad P. Trump's Trade Policy is Hampering the US Fight against COVID-19. PIIE, 2020, March 13. Available at: https://www.piie.com/blogs/trade-and-investment-policy-watch/trumps-trade-policy-hampering-us-fight-against-covid-19
6. Despite the US-China Trade Agreement, Key Details are Unclear. CNBC. 2019. Available at: https://www.cnbc.com/2019/12/16/us-and-china-reached-a-trade-agreement-but-key-details-still-unclear.html
7. Economic and Trade Agreement between the Government of the United States of America and the Government of the People’s Republic of China. Phase one, 2020, January 15.
8. Energy Security Cooperation with Allied Partners in Europe Act 2018, p. 322. Available at: https://www.congress.gov/bill/115th-congress/senate-bill/3229
9. Executive Order on Prioritizing and Allocating Health and Medical Resources to Respond to the Spread of Covid-19, 2020, March 18. Available at: https://www.whitehouse.gov/presidential-actions/executive-order-prioritizing-allocating-health-medical-resources-respond-spread-covid-19/
10. Extending Russia: Competing from Advantageous Ground, RAND Corporation, 2019. Available at: https://www.rand.org/pubs/research_reports/RR3063.html
11. President Donald J. Trump Is Supporting American Businesses, Workers, and Families Impacted by the Coronavirus, 2020, March 18. Available at: https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-supporting-american-businesses-workers-families-impacted-coronavirus/
12. U.S. Excludes Chinese Face Masks, Medical Gear from Tariffs as Coronavirus Spreads, 2020, March 6. Available at: https://www.reuters.com/article/us-health-coronavirus-usa-tariffs/u-s-excludes-chinese-face-masks-medical-gear-from-tariffs-as-coronavirus-spreads-iduskbn20t2on
13. Wilcox D. Designing an Effective US Policy Response to Coronavirus. PIIE, 2020, March 3. Available at: https://www.piie.com/blogs/realtime-economic-issues-watch/designing-effective-us-policy-response-coronavirus
Review
For citations:
Emelianov E.V., Aksenov P.A. THE US FOREIGN ECONOMIC POLICY IN 2017-2020: CORONAVIRUS TEST. International Trade and Trade Policy. 2020;(2):47-56. (In Russ.) https://doi.org/10.21686/2410-7395-2020-2-47-56
Views:
745
Email this article 
