For countries with smaller economies that depend on tourism spending, the impact of the Covid-19 pandemic will be even more devastating.
Whether looking at rationing, price caps, trade restrictions, or the market, the problem of face mask shortages is tough to solve.
Since trade with Canada tops everyone but China, we should take a look at what they send to us, what we receive, and why we have a trade surplus with them.
Seemingly small at 10%, Canada’s retaliatory ketchup tariff represents a lot more than a lift for a bland burger and salty fries.
For another NAFTA example, we can start with the impact of Canadian cranberry production on Nantucket but then continue onward to Wisconsin and beyond.
Shifting from the EU to Russia and the Faeroes, Russia’s embargo trade barriers changed export and import winners and losers for cheese and salmon.
Our everyday economics includes wages, externalities, productivity, income, tradeoff, taxes, fiscal policy, gender, human capital and comparative advantage.
Our everyday economics includes behavioral economics, commitment devices, environment, supply, regulation, free trade, gender issues and the minimum wage.
While opponents of the TPP free trade deal cite currency manipulation, cheaper exports from countries with cheaper currencies save money for U.S. buyers.