From the days of Alexander Hamilton to the trade wars of Donald Trump, trade policy has been a key instrument of American power and wealth. The open trading system that the United States sponsored after the Second World War serves US interests by promoting cooperation and prosperity, but also allows the allies to become more independent and China to rise. The case studies in Trade and American Leadership examine how the value of preferential trade programs is undercut by the multilateral liberalization that the United States promoted for generations, and how trade sanctions tend either to be too economically costly to impose or too modest to matter. These problems are exacerbated by a domestic political system in which the gains from trade are unevenly distributed, power is fragmented, and strategies are easily undermined. Trade and American Leadership places special emphasis on today's challenges, and the rising danger of economic nationalism.
Table of Contents
Part I. Introduction and Overview: 1. The domestic diplomacy of trade and the paradoxes of power and wealth; 2. The theory and practice of the Anglo-American hegemonies; 3. After hegemony: power, wealth, and trade policy since the Cold War; Part II. The Domestic Diplomacy of Trade: 4. The domestic diplomacy of trade agreements; 5. The expanding scope of trade and the contagion of conflict; 6. Washington slept here: how Trump caught politicians napping on trade; Part III. Trading with Allies: 7. Defence vs. opulence: sea power and law in Anglo-American hegemonies; 8. The sun also sets: the Japanese challenge to the US auto industry; 9. Canada and the domestic diplomacy of US trade policy; Part IV. Trading with Adversaries: 10. The strategy and domestic diplomacy of sanctions; 11. Russo-American relations and the paradox of sanctions; 12. Trading with the NME: the Chinese challenge to US hegemony; Part V. Trading with Developing Countries: 13. The strategy and domestic diplomacy of trade preferences; 14. The elusive integration of the Americas; 15. War, peace, and trade in the Middle East; Part VI. Trade and Trump: 16. Power and wealth in the Trump administration and beyond.