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International Trade and the Financial Crisis

Published online by Cambridge University Press:  28 February 2017

Elizabeth Trujillo*
Affiliation:
Suffolk University Law School

Abstract

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Type
Implications of the Global Financial Crisis on International Trade and Investment Regimes
Copyright
Copyright © American Society of International Law 2010

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References

1 OECD, WTO, Unctad Report on G-20 Trade and Investment Measures (2010) available at http://www.unctad.org/Templates/Page.asp?intItemID=5344&lang=l [hereinafter G-20 2010 Report].

2 See id. U.S. Census Bureau data show 9.7%, a doubling in the last two years from 5-10%. See U.S. Census Bureau, at http://www.bls.gov/cps/. A recent New York Times article states that the unemployment rate has risen to 9.9% for April 2010. See U.S. Adds 290,000 Jobs in April; Rate Rises to 9.9%, N.Y. Times, May 7, 2010.

4 OECD, WTO, Unctad Report on G-20 Trade and Investment Measures (2009), available at http://www.pittsburghsummit.gov/documents/organization/129863.pdf [hereinafter G-20 2009 Report].

5 G-20 2010 Report, supra note 1. See also Data from the International Trade Administration of the U.S. Department of Commerce, available at http://www.trade.gov/ (last visited Mar. 24, 2010).

6 Chad P. Bown, Global Antidumping Database [Version 6.0, Mar. 2010], at http://www.brandeis.edu/~cbown/global_ad/. In 2009 the number of anti-dumping investigations initiated by G-20 was 21% less than in 2008. There have been more at the national level, though. Id.

7 WTO Says U.S. Leads Surge in Countervailing Duty Actions, 26 ITR 1512 (Nov. 5, 2009). Between July 2008 and June 2009, there were 36 new countervailing duties investigations to the WTO, 34 of which were initiated by developed countries (the United States was responsible for 23 of these). Thirty-five U.S. CVD duties have been imposed in the same time period, with 10 targeting China. See id.

8 See id. of the 17 provisional safeguard measures and seven definitive measures imposed by WTO members in that period, India accounted for seven provisional measures and three definitive measures, respectively. India started 11 new safeguard investigations between October 2008 and October 2009, or 40 percent of the 27 new investigations notified by all WTO members in that period.

9 G-20 2010 Report, supra note 1.

10 American Recovery and Reinvestment Act of 2009, Pub. L.-l 11-5; see also Buy American Provisions: International Trade Reporter, Feb. 4 and 25, 2010.

11 See id. There are exceptions, for example, if following the Buy America clauses will increase the cost of the overall project by more than 25% or the required iron, steel, or relevant manufactured goods are not produced in the United States in sufficient quantities. The Rule may also be waived if this domestic preference would be inconsistent with the public interest and does not apply to the extent a state has acceded to government procurement provisions of an international agreement. As a final amendment, though, the Buy America clauses must be applied consistently with obligations under international agreements.

12 See The Buy American Act 1933, 41 U.S.C. § 10a-10d.

13 See Surfaced Transportation Administration Act, 49 U.S.C. 31105, as amended fey § 1536 of the Implementing Recommendations of the 9/11 Commission Act of 2007, Pub. L. No. 110-53; See also ADF Group, Inc. v. U.S., Final Award (2003), available at http://www.naftaclaims.com/disputes_us_adf.htm.

14 Comparing Stimulus Packages, Economist, Oct. 3, 2009. See also China Sets Big Stimulus Plan in Bid to Jump-Start Growth, Wall St. J., Nov. 10, 2008.

15 Browne, Andrew & Dean, Jason, Business Sours on China: Foreign Executives Say Beijing Creates Fresh Barriers; Broadsides, Patent Rules, Wall St. J., Mar. 17, 2010, at Al, A14Google Scholar.

16 Google Takes Aim at Beijing Censorship, Wall St. J., Mar. 23, 2010.

17 American Recovery and Reinvestment Act, § 1610-1611 (2009).

18 See id.

19 “Legislation Introduced to Repeal the North American Free Trade Agreement,” 111th Congress 2nd session, HR 4759.

20 U.S., Canada Set Deal on “Buy American,” Wall St. J., Feb. 5, 2010. See also Office of U.S. Trade Representative, available at http://www.ustr.gov/about-us/press-office/blog/2010/february/us-canada-reach-deal-buy-american.

21 See General Agreement on Tariffs and Trade, art. Xx, Oct. 30, 1947, 61 Stat. A-l 1, 55 UNTS 194 [hereinafter Gatt].

22 Trujillo, Elizabeth, From Here to Beijing: Public/Private Overlaps in Trade and Their Effects on U.S. Law, 40 Loy. U. Chi. L.J. 691, 700-12 (2009)Google Scholar (discussing the multi-scalar aspects of trade and the adjudicatory overlaps of trade and investment regimes).

23 WTO Agreement on Government Procurement [hereinafter Gpa]. See, e.g., North American Free Trade Agreement, U.S.-Can.-Mex., Dec. 17, 1992, 32 ILM 289 (1993), ch. 10 (on government procurement).

24 Trujillo, supra note 22.

25 See Not Just Straw Men; Brics, Emerging Markets and the World Economy, Economist, June 20, 2009 (discussing the emerging markets of Brazil, Russia, India, and China).

26 See id.

27 See Elizabeth Trujillo, Tuna-Dolphin Revisited: Transnational Governance Implications for Trade Regulation in the Context of Climate Change Policy (draft on file with author).

28 James, Harold, The Creation and Destruction of Value: The Globalization Cycle 157-61 (2010)Google Scholar. Associate, International Arbitration Group, Freshfields Bruckhaus Deringer Us Llp, New York. The views expressed herein are those of the author and do not necessarily reflect those of Freshfields or any of its clients. The author would like to thank Patrick Childress (Freshfields, New York) and Georges Chalfoun (Freshfields, Paris) for their assistance in preparation of my remarks.