US trade and industrial policy as a challenge to the modern system of international trade relations

Abstract

The current stage of development of international trade relations is followed by a growing protectionism. At the same time, the ideas of free trade and fair competition are still declared as key principles for the development of the world economy. One of the authors of these principles, as well as the entire modern system of international trade relations, is the USA. In this context, the possible refusal of the USA to comply with these principles is a serious challenge for the existing system of international trade. The author tries to answer the question if some measures of the US trade and industrial policy correspond to the basic principles of the international trade system. As an empirical basis there were used the works of Russian and foreign economists specializing in trade policy, international economic relations and the US economy. To answer the stated question about the compliance of the US trade and industrial policy with the principles of free trade and fair competition, the author uses methods of analysis and generalization to assess the nature of certain measures and mechanisms implemented in the US trade and industry. The author comes to conclusion about the protectionist nature of several legal acts and mechanisms of the US trade and industrial policy. Considering that not only certain legal acts, but also industrial programs are protectionist in nature, it should be assumed that retreat from the principles of free trade and fair competition is an element of the US position on the development of the national economy as well as international trade. The USA takes advantage of the imperfections of the existing system of international economic relations, demonstrating the use of protectionist measures contrary to the principles of free trade and fair competition.