s) possibly vary through time, etcetera" (p. 1). International trade involves a number of considerations and complexities, a majority of them on a microeconomic level. There is also an institutional context in which U.S. international trade unfolds.
Issues like the structure and volume of international like which goods are imported and which are exported and by what country and why and in what amount represent one challenge for resolution in international trade policy. The impact of tariffs, quotas and other obstacles to trade is also considered in international trade policy, as are any number of other issues like impact on domestic industry and the U.S. economy. In addition the dynamics of U.S. international trade policy unfold against a backdrop of institutional settings. As Gandolfo (1998) explains, the exchange of international economic transitions happens in an institutional context: "flows of goods and financial assets, international agreements, international organization like the World Trade Organization (WTO) and the European Union (EU), and so forth" (p. 2). These issues, challenges and complexities represent the main reasons why the history of U.S. international trade policy has been dramatically different at different times and during different forms of industry.
For most of the twentieth century the United States has been a driver of global trade. The U.S. is also a major driver in the process of globalization, which has vastly expanded the number of players in trade around the world. This has provided significant benefits but also greater challenges for all countries and trading blocs involved in global trade. This analysis will provide a history of United States international trade policy from the Colonial Period through contemporary times. A discussion of the economic issues and challenges outlined above will take place as they relate to the Colonial era, the Nineteenth Century, and the T...