Abstract

Multilateral trade and economic relations are very important for U.S. economic development. U.S. trade priorities are reflected in the president's 2018 Trade Policy Agenda, which calls for negotiating better trade deals, enforcing U.S. trade laws and U.S. rights under existing trade agreements, and reforming the multilateral trading systems. The United States is one of the world's largest exporters and it has a diversified export base. Modern structure of foreign trade is corresponding to US economic and industrial potential. High technology products and services influence deeply on economic relations. The largest export category is machinery and mechanical appliances, accounting nearly a quarter of merchandise export. The share of mineral products experienced a sharp decline between 2014 and 2016, before rising again in 2017. The United States is also one is one of the world's main importers. U.S. imports are diversified: the largest import categories are machinery and mechanical appliances, vehicles and chemicals. Import share of mineral products has declined. European Union, China, Japan, Canada and Mexico are the United States main trading partners. The U.S. Congress has legislative authority over trade policy. Congress works together with executive branch, which negotiates and implements trade agreements. The president's 2018 Trade Policy Agenda is driven to achieve "free and fair trade relations", considered critical for the U.S. national security policy. It also focuses on renegotiating and revising trade deals. In terms of reforming the multinational trading system, the Agenda advocates for sensible and fair reforms of the World Trade Organization. The United States has 14 free trade agreements with 20 countries. Most of them cover both goods and services. The United States are renegotiating NAFTA, with the aims of modernizing the agreement. Support to U.S. agricultural export is authorized by "farm bills", covering a wide line of agricultural and food programmes. A programme to support food aids (Food for Peace) regulates food transfers by international humanitarian organizations. The United States is a major producer of primary energy products. The United States is net exporter of petroleum products and natural gas. Problems and possibilities of American liquid natural gas (LNG) export to Europe are being discussed in the article. There are both legal and economic barriers to normal trade development with European countries. Monetary and financial problems are being discussed in the article. US role in international financial flows is being analysed.

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