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Bretton Woods Conference
The IMF (International Monetary Fund) and the World Bank were formed. This time was also seen as the changing point of America's view towards international trade. The U.S. begins to transform from a highly protectionist state into a free-trade state. -
GATT is formed
General Agreement on Tariffs and Trade is formed by the U.S. and Britain. GATT is the precursor to the WTO. -
National Interstate and Defense Highway Act
Act is signed by President Eisenhower, enabling spending of 25 billion dollars on federal highways. -
Shipping Containers Standardized
ISO (International Standards Organization) develops sizing standards for shipping containers. -
Gold Standard Abandoned
Nixon ended the exchange of foreign currency for gold in an effort to preserve the U.S. gold reserves. -
OPEC Oil Embargo and Stock Market Crash of 1973
Members of OPEC embargo nations support the Yom Kipper War. This causes oil shortages and surging prices resulting in a stock market crash of 45% of DOW. -
Omnibus Foreign Trade and Competitiveness Act
Passed by Ronald Reagan this act worked to lessen the trade defect accrued during the 70's and 80's by holding countries accountable for market distortions that caused unfair advantages. -
Outsourcing
Contracting work abroad becomes a formally recognized business strategy. -
NAFTA
An economic partnership between the United States, Canada, and Mexico predicated on free, fair, and open exchanges of goods. -
World Trade Organization (WTO) formed
The WTO is the successor to GATT. The World Trade Organization is an intergovernmental organization that regulates the international trade. (Currently: The WTO is trying to mediate the trade dispute between the US and China.) -
China Admitted to the WTO
Relevant to the US trade because it allowed for more outsourcing and trade imbalance as a result. -
Financial Crisis of 2008/ Housing Bubble
In 2008 the financial crisis became the worst financial event since the Great Depression. Nicknamed the Great Recession due to deregulation from the financial community.
Housing prices fell 31.8 percent -
American Recovery and Reinvestment Acts of 2008-2009
Government response after the housing bubble, Bush signs into law the 2008 ARRA stimulating failing banks and Obama a few months later signs the 2009 ARRA stimulating sectors of the economy. -
TPP rejected by Trump administration/ NAFTA renegotiations
United Staes ties with the Trans-Pacific Partnership were severed by President Trump after his election win. The partnership consisted of a dozen Pacific coast nations to cut tariffs and bolster trade. Though many critics claimed the deal would have cost the US countless jobs.
As of 2018 the Trump administration saw the NAFTA deal as unfavorable to the US, to rectify that mistake negotiations with Mexico to replace it are underway and do seek to give the US a favorable position.
