The trade war is on, hitting China as well as America and her allies. Will it achieve its goal of protecting US companies and jobs or rather cost billions due to artificially increased prices and inefficiencies resulting from distorted markets? Also, if it spirals out of control, another global recession could be triggered.
More fundamentally, could protectionism ever be more beneficial than free trade, even if only under special circumstances and for a limited time? What economic and political implications does this constitute for large trading blocs such as NAFTA or initiatives such as the TPP?
With the U.S. National Debt growing beyond 22,000,000,000,000 USD, virtually more than doubling over the past decade, it is this Committee's utmost duty to support sound economic policies and stop disastrous experiments. This is directly linked with the agenda of the Foreign Affairs Committee, Education and Labor Committee, and the Joint Economic Committee.
(Briefing Papers Available Soon)
In Trump's budget proposals, the funding for the U.S. Foreign Service and USAID is always under attack to get severely curtailed, despite the very fact it comprises only a marginal fraction of the total government spending. On the other hand, the military and border security are given hefty top-ups.
As the Congress has the power of the purse, this Committee stands before a historic decision whether to continue America's current engagements overseas or maneuver into a new era of isolationism.
This is closely tied with the agenda of the Foreign Affairs Committee, which discusses the extent and nature of America's relations, as well as the Joint Economic Committee, focusing on America's energy security and environmental policies.
(Briefing Papers Available Soon)
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Recommended Committee Specific Research Materials follow:
Hearing - The President's 2020 Budget
Hearing - The Congressional Budget Office's Budget and Economic Outlook
CNBC - What Will Cause The Next Recession - Joseph Stiglitz On Trump's Protectionism
HBO - The Realities Of Trump's Trade War
Peace Action - Pentagon Spending: Move the Money
Full Davos panel on Trump’s ‘America First’ foreign policy
(More Coming)