The Future of Trade

International trade involves the exchange of goods and services between countries. These trade relations are dictated by the trade policies each country has set for itself. However, Biden’s priority is not based on the policies and no new trade deals are likely to happen. But as he is working to revive the U.S economy especially after a crisis caused by the pandemic, he has no choice but to use these trade policies as a tool in approaching foreign policies. He hopes to adopt a multilateral trade approach to build strong relations with partners across the world. He also hopes to work closely with stakeholders to confront china. The holistic approach will change the blurred international trade to a better foundation soon (Petsinger, 2021).  Withdrawal by the United Kingdom from the European Union is a factor that will affect the future of trade, especially in the US. (BBC, 2021). There is no doubt that after this exit, countries have to follow UK’s policies to trade with them which will greatly impact trade relations between them.

China’s Silk Road initiative seems to be ushering a new era into trade as it will contribute to the growth of economies in Asia and beyond. The initiative aims at expanding transport networks and streamline the regulations at the borders and create a perfect infrastructure for the ease of trade. However, some skeptics say that the initiative is a trap for those borrowing and many are against the plan (McBride & Chatzky, 2020). Whether people in some countries are against the plan, China is determined to continue with the plan. Indeed there is a lot of backlashes and this will affect the trade relations either negatively or positively depending on how countries receive the initiative. The reaction will most probably affect future international trade.

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References

BBC (2020). Brexit: What you need to know about the UK leaving the EU. Retrieved April 26, 2021, from, https://www.bbc.com/news/uk-politics-32810887

Petsinger, M. S. (2021). Chatham House. Foreign policy priorities for the Biden administration. Retrieved April 26, 2021, from, https://www.chathamhouse.org/2021/01/foreign-policy-priorities-biden-administration

McBride, J. & Chatzky, A. (2020). China’s massive belt and road initiative. Council on foreign relations. Retrieved April 26, 2021, from, https://www.cfr.org/backgrounder/chinas-massive-belt-and-road-initiative

 

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