AD ALTA
JOURNAL OF INTERDISCIPLINARY RESEARCH
are Restrictions. Imports and exports involve a number of
restrictions but by different countries. Taušer, et al. (2015)
argues that normally, imports face many import duties and
restrictions imposed by importing country. Similarly, various
rules and regulations are to be followed while sending goods
outside the country. Risk Element. The risk involved in foreign
trade is much higher since the goods are taken to long distances
and even cross the oceans. Another one is Law of Comparative
Cost. A country will specialize in the production of those goods
in which it has cost advantage (Sejkora, 2014; Svarc, Grmelova,
2015). Such goods are exported to other countries. On the other
hand, it will import those goods which have cost disadvantage or
it has no specific advantage. Finally, there is Governmental
Control. Lipkova and Braga (2016) argue that in every country,
government controls the foreign trade. It gives permission for
imports and exports may influence the decision about the
countries with which trade is to take place.
International trade permits everybody to have more access to the
goods and services that are created or performed around the
world. According to Obadi and Korcek (2016) international trade
helps in many other ways such as benefits to consumers,
international peace and better standard of living. Before entering
a new market, it is very important for every country, nations and
businesses to consider these international trade positives and
negatives sides (Zadrazilova, 2016; Vojtovic, 2016).
Krugman, et. al. (2014) argues that regarding the positives ones,
inter-national trade allows businesses to expand their markets,
gives companies access to different forms of monetary units, is a
way to avoid heavy domestic competition, creates more new jobs
for people, can set up new industries, develop the means of
transport and communication. According to Taušer and
Čajka
(2014) imports allow foreign competition to reduce prices for
consumers and availability of all types of goods for example
tropical and out-of-season fruits and vegetables.
Though foreign trade has many advantages, it is very important
to point out on some disadvantages such as: import of dangerous
goods for example drugs and weapons, risk of international
peace, political risk (slavery and wars), cultural risk (different
cultural habits and beliefs), economic risk, currency (unexpected
changes) and also environmental issues (Zemanova, Drulakova,
2016).
O'Brien and Williams (2013) argue that comparative advantage
remains the basis of international trade. Differences in
production costs within countries determine much of the flow of
goods and services across international borders. Economists use
the term “comparative ad-vantage” to indicate that a country has
a cost advantage in producing certain goods relative to other
goods that could be produced within that same country (Balaz,
Hamara, 2016). In other words, what spurs trade and
specialization is not the absolute cost advantage that one
country’s producers have over their competitors in another
country, but the relative advantage they have compared to other
sectors within their own country. Comparative advantage can
spring from multiple sources. Abrham, et al. (2016) states that a
country can have a cost advantage in the production of a
particular good because of superior production technology. This
superiority can include better ways to organize the production
process or a climate that allows the country to grow certain
crops, such as bananas and mangos, more cheaply. It can also
include greater investments in skilled labor and equipment that
can result in a comparative advantage in such areas as computer
software (Boukalova et al., 2016; Jenicek, 2016; Lehmannova,
2014; Zagata et al., 2019).
Chung (2015) argues that rapid trade growth may well act as a
transmitter of economic stimulus around the globe and a vehicle
of continued recovery, particularly if enhanced by additional
efforts to reduce barriers and expand trading opportunities
further. Recognition of the long term benefits of expanded trade,
as well as the positive role trade can play in the current
economic recovery are central factors reflected in the
Administration's trade policy (Jirankova et al., 2015; Jirankova,
M., Hnat, 2012).
3 The Goal and Research Methodology
The research task of this paper is focused on the analysis how
the U.S. trade policy agenda is implemented into
competitiveness enhancement of the U.S. economy, how
important role the Industry 4.0 plays within the U.S. foreign
trade to assure the sustainable economic growth in U.S.
economy and to enhance the U.S. competitiveness within the
world economy environment. The issue is also to find out the
proper involvement of Industry 4.0 along with the possible risks
and benefits for the U.S. economy and other economies in
international economics system.
By means of analysis, comparative analysis methods followed
by logical deduction the main aim of this paper is to figure out
how and in what way the U.S. trade within its policy agenda can
affect the international economics system in terms of Industry
4.0. Paper will find out and discuss based on the U.S. trade
policy agenda analysis to figure out the impact of Industry 4.0
within the U.S. foreign trade on the U.S. economy and its current
status in international economic relations.
Basic data will be drawn from generally accepted institutions,
evaluating the U.S. economy performance such as Office of the
U.S. Trade Representative, U.S. Census Bureau, Bureau of
Economic Analysis, Department of Commerce USA, Trade and
Development Agency. Those U.S. federal authorities have
achieved high acceptance from the international organizations
and governments being evaluated as well as businesses, and
therefore they are considered as authoritative ones.
To accomplish this goal, methods such as analysis, comparison,
synthesis and logical deduction are to be used; facts from
scientific and professional publications, periodical and non-
periodical press as well as internet sides will be primarily used
and examined. Subsequently the analysis will lead to synthesis
and prognosis by means of abstraction method eliminating the
less important factors in order to set general statements and
opinions.
4 Findings
Regarding the U.S. international trade characteristics United
States trade policy has varied widely through various American
historical and industrial periods. As a major developed nation,
the U.S. has relied heavily on the import of raw materials and the
export of finished goods. Because of the significance for
American economy and industry, much weight has been placed
on trade policy by elected officials and business leaders.
In terms of political economy, the Constitution gives Congress
express power over the imposition of tariffs and the regulation of
international trade. As a result, Congress can enact laws
including those that: establish tariff rates; implement trade
agreements; provide remedies against unfairly traded imports;
control exports of sensitive technology; and extend tariff
preferences to imports from developing countries (Drulák,
Drulákova, 2014). According to Dvorakova (2013) over time,
and under carefully prescribed circumstances, Congress has
delegated some of its trade authority to the Executive Branch.
Congress, however, has, in some cases, kept tight reins on the
use of this authority by requiring that certain trade laws and
programs be renewed; and by requiring the Executive Branch to
issue reports to Congress to monitor the implementation of the
trade laws and programs.
By and large the U.S. economy represents the 25.5 % of the
world GDP and trade (export most import) is its GDP 22.5 %
and the 5.7 % of world GDP. Economies most dependent
commercially with USA are, from the point of view their sales,
NAFTA partners (Canada and Mexico), China and the EU.
During the past 20 years the United States trade balance is
deficient increasingly (U.S. Census Bureau, 2019). The world
was prepared in all these years to provide goods and services to
the United States.
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