Preserving Global Trade Relations: Impacts of Recent Global Developments

Abstract

How do we address challenges presented by unequal distribution of the benefits of globalization? Such that the imposition of unduly high tariffs – as well as anti-dumping measures, do not offset positive gains to be derived from trade liberalization and globalization.

This article also aims to highlight and address challenges presented to global trade relations as a result of the failure of central bankers to appreciate fully the consequences and impact – as well as contribution of emerging economies to all time low levels of inflation. This not having been demonstrated in the build up to the 2008 Financial Crisis, but also prompting the introduction of Basel III regulations – and particularly the 2010 Basel leverage ratio.

Keywords: Monetary policy, interest rates, positive supply shock, inflation, anti dumping tariffs, Uruguay World Tarde round, Doha trade round, regional agreements