US trade policy encompasses the strategies and regulations guiding America's international commerce. It involves tariffs, trade agreements, and negotiations...
US trade policy refers to the regulations, agreements, and strategies the United States implements to govern its international trade relationships, including tariffs, quotas, and free trade agreements.
Tariffs are taxes on imported goods, used to protect domestic industries, generate revenue, or influence trade balances. They can make foreign goods more expensive, impacting consumer prices and international relations.
Trade agreements aim to reduce barriers to trade between countries, facilitating exports, attracting investment, and standardizing trade practices to foster economic cooperation and stability.
The Executive Branch, particularly the President and the U.S. Trade Representative (USTR), in conjunction with Congress, primarily shapes US trade policy through legislation, negotiations, and executive orders.