What is international trade? How does it affect you, our country, and other countries? (Essay Sample)

What is international trade? How does it affect you, our country, and other countries? Name: Tanya Randle Course Number and Section: BU224_ International Trade Date: April 24, 2023 What is international trade? How does it affect you, our country, and other countries? Invisible commerce, which might encompass international transportation of commodities, international communications, international tourism, etc., is also called international trade. (Vlad, p.1, 2013). Despite the complexity of the topic, the United States needs to examine the nature of international commerce and how it may influence its citizens. Tariffs and cultural distinctions are introduced as topics of study. Because of its potential impact on their lives, Americans should begin by defining international commerce. We consumers often buy things in stores and via the Internet without giving much regard to the origins of such goods. When I examined the origins of 10 recent purchases, I found that most were made in Vietnam or China. I had one product in Mexico, two in the United States, and a few from other, less typical places like Vietnam and China. I purchased ten different things, and just two of them were created in the United States. According to Gao (2018, p.11), "the traditional trading mode of the developed countries is shifting toward exporting new and high-tech products while importing primary products from developing countries as part of a trading model." Automotive products, food and drinks, and consumer goods are all part of the wide range of items that the United States imports and exports (Boyle & Amadeo, 2021). There are always certain things that are readily available in one nation rather than in another. Countries may exchange their surplus items for those they need via international commerce. American businesses may now go abroad to produce goods like apparel when they determine that doing so would save them money, thanks to the benefits of comparative trade. American businesses use opportunity cost calculations to establish that hiring workers from other nations is preferable to keeping those jobs and those resources in the United States. In addition, you get an understanding of what tariffs are. Imports and exports involved in international commerce are subject to charges known as tariffs. Businesses or individual customers in the United States may be responsible for paying tariffs on imported items. According to Yoshitomo and Nobuhiro (p.1, 2020), taxes and tariffs continue to be significant source of income for the government. The tariffs customers in the United States pay on goods imported into the country by the government are sent to the United States Treasury to be used as money for the government. Working for a firm that manufactures products subject to tariffs confers a certain degree of protection to employees in the United States. This protection comes in the form of higher wages. Tariffs, on the other hand, are only sometimes a good thing for customers. Because of these tariffs placed on imported items, the price of the products has gone up, which means that consumers are paying more for them. Tariffs may harm (foreign) exporters since they raise the cost of the items being exported. They may have difficulty maintaining their sales or be pushed to reduce their pricing, either of which may result in a decrease in earnings and harm the economy of their home nation (Chatzk & Siripurapu, 2021)." The effects of tariffs on workers and customers in other countries are comparable to those of tariffs on those in the United States. Works are protected and safe, but consumers shoulder the additional financial burden of more expensive imported products. Nobody loves it when their commodities are subject to tariffs, especially in other countries. For instance, if the United States imposes taxes on importing products from China, China will reply with its duties. Tariffs are detrimental to the health of the economy since they result in a net loss of output and employment and lead to lower income levels. Tariffs are often regressive, meaning that they place a greater burden on customers with lower incomes (York, 2022)." Because of the many different cultures involved, the United States of America needs to reevaluate its definition of international trade. International trade can present a challenging and time-consuming circumstance when trying to initiate a business transaction for the first time. When conducting business, it is important to remember that every nation has its history, culture, and other aspects that must be considered and comprehended. It is important to have this knowledge before engaging in business with another nation to show proper deference and demonstrate an understanding of their culture. A strategy that works well with the culture and history of one nation will not apply to another. If the United States wished to engage in commercial activity with Saudi Arabia, for instance, it would be prudent not to have women handle the letters, given that men are the ones who handle commercial activities in Saudi Arabia. You have to understand how their lives have a huge religious priority and that God comes before all of them if this business transaction takes place face-to-face. You need to respect the people and understand their culture to be able to have a good business transaction. The United States engages in international commerce with many other nations. This variety with whom we deal has only been effective because the United States of America has such a deep understanding of the cultures and histories of other nations. This diversity makes it easier for the United States to overcome trade barriers than it would be for a country unfamiliar with other nations' cultures. If people in the United States did not respect or understand the culture of other countries, it is possible that many chances for the trade would be lost; nevertheless, should those other countries still trade with the United States? They are less likely to prov...