U.S. Treasury Secretary Benson and Shaw believe that the current situation is not the largest change in trade since 1935.
They emphasize that previous policies have led to the relocation of manufacturing abroad, significantly affecting the global trade structure.
MAIN CONTENT
Comments from the U.S. Secretary of the Treasury on changes in global trade.
Affirming that this is not the largest change since 1935.
How does the U.S. Secretary of the Treasury assess the current changes in trade?
U.S. Treasury Secretaries Benson and Shaw stated that this is not the largest change in trade since 1935. They emphasize that previous regulatory policies have forced companies to relocate production abroad.
This analysis shows that, despite fluctuations in the global market, the impact cannot compare to the historical changes since the early 20th century. The shift of production abroad is seen as the result of past management and economic policies rather than recent changes.
I do not think this is the largest change in trade context since 1935. Previous policies have led us to move production abroad.
Benson & Shaw, U.S. Secretary of the Treasury, August 7
Why is manufacturing said to have been 'pushed abroad'?
Many regulatory and tariff policies in past decades have increased domestic production costs, causing companies to choose to move factories abroad to optimize costs.
This decision greatly impacts the economic structure and global supply chains, contributing to the trend of globalization of production and trade. It also reflects the challenge of maintaining domestic production and keeping jobs in the country.
What are the impacts of relocating production abroad on the U.S. economy?
Shifting production abroad leads to many consequences such as domestic job losses, reduced development of the domestic industry, and altered global trade patterns. The U.S. may be affected in terms of supply chains and economic independence.
On the contrary, this also helps reduce production costs and increase economic efficiency for businesses in the short term. However, to ensure sustainable development, a balance is needed between competitive advantage and supporting domestic production.
Is there any proposed policy to address this issue?
The original content does not mention any specific policy, so this section cannot provide additional information. This issue remains a significant challenge for U.S. economic managers.
Frequently asked questions
What does the U.S. Secretary of the Treasury say about the current changes in trade?
He emphasizes that this is not the largest change since 1935, and previous policies have pushed production activities abroad.
Why is production moving abroad?
Due to high domestic production costs and economic policies, companies choose to move to optimize costs and productivity.
How does the relocation of production abroad affect the U.S. economy?
Causing domestic job losses, altering supply chains, and reducing the development of domestic manufacturing.
What solution policies have been proposed?
The original content does not provide information on the specific proposed policy.
Is the shift of production something new?
The U.S. Secretary of the Treasury believes this is not the largest change in trade history since 1935.
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