The relationship between the two economic juggernauts cannot exactly be characterized as free trade nirvana, and there is a growing sentiment in the United States that China has not fully lived up to the commitments it made when joining the WTO. This is fueled in no small part by concern over the massive trade surplus China has built up with the United States, its largest trading partner. By deliberately undervaluing its currency, critics charge, China has propped up its export-dependent growth model.
In the aftermath of the September 11, 2001 terrorist attacks, one of the victims of increasing security concerns in the United States was Canada-U.S. trade. "Security trumps trade" became the new U.S. policy principle as myriad additional verifications of freight and individuals crossing the Canada-U.S. border were put in place to protect against potential terrorist threats.
Global Economy, Competitiveness, Foreign Trade, Imports & Exports
Intense discussion of the eurozone financial crisis has centered on fiscal accounts and the banking sector. Little attention has been paid to the impact on trade beyond the obvious fact that if there is slower eurozone growth, import growth will also be down. The adverse trade impact of the eurozone on third countries, however, and on U.S. exports of manufactures in particular, is significant and growing, and faces uncertain prospects ahead.