Standard Of Practice

Sample Solution

cause structural unemployment. Trump announced his withdrawal from the TPP as soon as he took office, and added tariffs. The main purpose of his trade policy is “America first” through the promotion of trade protectionism to protect the US labour market, reduce the trade deficit and revive the manufacturing industry. This will protect the development of local businesses and increase jobs. However, there are consequences for withdrawing from the TPP. Trade protectionism is contrary to the globalisation of free trade. If the US implements trade protectionism for a long time, its international influence will be weakened, especially its economic and political influence in the Asia Pacific region. Trump’s immigration policy also showed an intransigent attitude. The United States is the largest immigrant country and its immigration policy has always been an important topic. Trump’s immigration policy maintains protectionism. The biggest concern is Trump’s establishment of a wall at the US-Mexico border to prevent the inflow of drugs and illegal immigrants. In addition, the requirements for immigration applications have been raised, and immigration quotas will be given to high skill and high salary people. These measures can reduce government spending on relief and reduce drugs and crime. However, it has seriously affected the relationship between the United States and Mexico. The US’s $1.5 trillion tax reform policy has also received widespread attention. Corporate income tax fell from 35% to 15%, lower than the average level of OECD, and personal income tax also declined. The new tax reform policy will reduce the U.S. government’s income by 1.5 trillion US dollars. However, when companies return to the United States, the manufacturing industry will improve and create more jobs, which will increase domestic consumption. Capital began to flow back to the United States. The credibility of the government will be enhanced, the exchange rate of US dollar will increase, and the economy has improved. It is likely that the GDP growth rate will exceed 2.5%. The impact on other economies will be extensive, and many countries are starting to consider tax reductions. It has had a negative impact on developed economies in Europe, and the competitiveness of the European market has declined significantly.

China’s policies and influence

China is the world’s largest exporter due to its manufacturing industry. Manufacturing is the largest and most diversified industry in China. The output value of China’s manufacturing industry reached 25% of the global manufacturing output in 2014 and contributed to the world’s GDP. Figures for 2016 from CIA show that China exported 1.99 trillion dollars (cia.gov. 2018). As of the end of 2017, the PMI of China’s manufacturing was 51.6% (Stats.gov.cn,2017), although it was 0.2% lower than last month, it still reached the annual average level, and the manufacturing industry maintained steady growth. China’s large-scale foreign trade has, to a certain extent, improved the employment status and economic development of its trading partners. However, the low price of Chinese goods threatens the local products of the importing countries. For example, India has adopted trade protection measures to impose anti-dumping duties on 93 types of Chinese imports. In fact, the world has not stopped the anti-dumping cases against China. Due to anti-dumping problems, developed countries such as Europe and the United States do not recognise China’s market economy status and they believe that China did not fulfilled its commitments when it joined the WTO in 2001. Europe and America want to restrict the development of China’s trade. Xi Jinping is regarded as China’s most powerful leader since Mao Zedong because the