International trade refers to the exchange of goods and services between countries. It involves the import and export of products, enabling nations to access resources, technology, and markets that may not be available domestically. International trade is driven by the principle of comparative advantage, where countries specialize in producing certain goods more efficiently and trade for others, leading to increased economic efficiency and consumer choice.
It encompasses various activities, including the negotiation of trade agreements, tariffs, and the regulation of trade practices. International trade is influenced by factors such as currency exchange rates, trade policies, economic conditions, and geopolitical developments. It plays a significant role in the global economy, contributing to economic growth, job creation, and the development of international relations. Ultimately, international trade facilitates globalization, allowing countries to connect and develop interdependent economic relationships.
U.S. imposed new tariffs under Trump, sparking retaliatory measures from China and Canada. China targets U.S. agriculture, planning tariffs on items like chicken, cotton, corn, and wheat. Canada responds by…