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It was a clear warning to US host: a move away from free trade threatens common prosperity, said Germany’s finance minister Wolfgang Schäuble at weekend in a speech at meeting of International Monetary Fund (IMF) in Washington. Just hours earlier, Donald Trump had once again weared against North American Free Trade Agreement NAFTA. But Schäuble’s words are not only likely to be heard by US president. While US foreign trade partners are increasingly criticizing US government’s course, it remains surprisingly quiet on side of American companies as well.
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While chief of US Chamber of Commerce, after Trump’s announcement, urged free trade agreement to be extended to at least five years, NAFTA was indispensable for American economy. Yet Chiefs of International corporations have not protested publicly against Trump’s protectionism. This is surprising in face of a policy that threatens to deprive globalization of its foundation. But it might be because America’s corporate bosses have been on ir end for a long time. With his Twitter rants, Trump may give trend a populist voice. However, departure from globalization has long since started in election campaign.
Four years ago, construction equipment manufacturer Caterpillar shifted production of mini-bulldozers and small excavators from Japan to state of Georgia, where NCR, market leader in ATMs, had also built a new plant. US workers are now assembling machines that had previously been manufactured in Hungary, China and Brazil.
General Electric (GE) had already 2012 production of hot water spas from China back to Kentucky. The largest US conglomerate is regarded as a prime example of globalization. For decades, company has moved tens of thousands of jobs abroad. At beginning of last year, Jeffrey Immelt, who until recently was CEO, spoke of a “bold turn” from global to local.
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For even larger headlines this summer, announcement by Foxconn, world’s largest electronics subcontractor, made it to settle in state of Wisconsin. Foxconn is a Taiwanese company. But it mainly works for companies based in or states such as Apple, Nintendo and Microsoft, which have ir products manufactured by Focxonn. Now company wants to invest up to ten billion dollars in Midwest and create 13,000 jobs.
This article comes from time No. 43/2017. Here you can read entire output.
This is a surprising development, and after all, it was just large US corporations with ir global supply chains and distribution networks, which had driven globalization and especially benefited from it, always considered geopolitical developments To use.
As a first step, economic upswing after Second World War grew cross-border trade flows. When Berlin Wall fell and countries of former Eastern Bloc opened, this development intensified like once again 1992 with Treaty of Maastricht, which created European internal market, and finally 2001 with inclusion of China in World Trade Organisation.
