Since the beginning of the 21st century, the economic policies of the United States continue to be heavily criticized by both their allies and their adversaries. In the typical American fashion, Uncle Sam picked himself up from the carnage of the Second World War, dusted himself up and emerged a superpower that no one had thought about by leading financial markets and the world economy to new highs. The US also came out stronger after the worst economic crisis and banking debacle in the 1930s which would come to be known as the Great Depression.
The United States bought goods worth $672 billion more than they sold to the entire globe in the first ten months of this year. It is subject to debate that 80% of economic growth’s net contribution went to the wrong people. However, that is the way things have always been done until a new policy introduces different trade patterns. Over the first ten months of 2017, the trade by the United States generated a surplus worth $140 billion for Europe.
The commerce also added net trade revenues worth $388 billion to the East Asian trading block. In spite of those trade contributions, the United States did not get any gratitude from those who call themselves friends of the United States. There were also claims by some of the trading partners that the US was determined to destroy the free global system of commerce.
It is strange that the US president Trump is doing nothing to denounce the accusations. The Trump administration is on a campaign to elevate economic diplomacy with stakeholders to a higher level in a bid to achieve prominence in strategic trading blocks. The profound silence by the American government has led to the perversion of the ‘America First’ policy by Donald Trump by those who oppose the administration both domestically and in the international space.
Doing what is right for humanity and human progress is, unfortunately, being termed as isolationism, trade protectionisms and also a threat to world peace and integration. However, many countries who are complaining have wholly ignored Articles of Agreement by the IMF of the correction of excessive and systematic trade imbalances. The rules by the IMF on commerce are meant to the obligations of the deficit and surplus nations and adjust symmetric trade for the players in the global business. The American economy has a trade deficit liability of about b$8 trillion which happens to augur well with European and East Asian markets.