Abstract
The pandemic of COVID-19 has influenced all sectors of social life, including the global economy and trade relations. The year of 2020 was marked with significant changes in internal and foreign economic policy of almost all nations. The purpose of the paper is to study the measures taken by the EU and the USA as the world's leading economies to regulate their foreign trade in the global crisis caused by the COVID-19 pandemic. The tasks of the study are to show the influence of the crisis on changes of global trade policy in front of the threat to national security. Methodology. The study is based on the results of statistical analysis of data provided the WTO and the UNCTAD. The authors show an analytical assessment of the foreign trade indicators of the EU and the USA. Methods of comparison and generalization were used to formulate conclusions on regulatory trends in foreign trade of the US and the EU. Results allowed identifying specific features and changes in the regulation of foreign trade of the EU and the US, assessing the impact of the pandemic on their foreign trade. It was found that both mentioned players of the world economy have actively introduced both deterrent and liberalization measures during 2020, which were aimed at providing the domestic market with scarce COVID-related goods. The study shows the transition from export restricting to import liberalizing measures in foreign trade policies from the start of pandemic to the late 2020. Practical implications. Understanding and predicting the possible actions of partners (the US and the EU in this case) in the field of foreign trade regulation is an important practical aspect, which has to be taken into account when developing Ukraine's foreign trade policy. Value/originality. The study of foreign trade policy of the world's leading countries allows us to understand the behavior of governments of the countries that are largely dependent on participation in international trade in their development, to draw conclusions about the most common instruments of foreign trade policy in the time of humanitarian and economic crises.
Highlights
The global crisis caused by the pandemic of the unexplored virus has significantly affected the economies of almost all countries, affecting all spheres of public life, including international trade
Summarizing the data of the WTO report on measures introduced by the United States in 2020, show that most of them relate to the promotion of imports of COVID-related goods through the abolition or reduction of duties, deferred payment of duties, export control over COVID-related export
As a study of measures undertaken by governments at the start of pandemic show, most economies applied strict restrictions of COVID-related export combined with some liberalization of imports
Summary
The global crisis caused by the pandemic of the unexplored virus has significantly affected the economies of almost all countries, affecting all spheres of public life, including international trade. The World Trade Organization monitors and records both measures regulating the export of vaccines and other instruments affecting cross-border flows of pandemic-related goods and publishes the list COVID-related measures on its website (World Trade Organization, 2021) the organization has taken a position to criticize unfair practices. It does not affect their application directly and does not take any action to eliminate them, nor does it oblige its members to notify the implementation of such measures
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