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Articles by C. Fred Bergsten
Causes, Risk Factors, and Prevention of Laminitis and Related Claw Lesions - Acta Veterinaria Scandinavica
References Andersson L: An attempt to induce laminitis in cows by intraruminal infusion of lactic acid. Acta Vet Scand. 1981, 31: 140-142. Google Scholar Andersson L, Bergman A: Pathology of bovine laminitis especially as regards vascular lesions. Acta Vet Scand. 1980, 21: 559-566. CAS PubMed Google Scholar Bergsten C: A photometric method for recording hoof diseases in cattle, with special reference to haemorrhages of the sole. Acta Vet Scand. 1993, 34: 281-286.
The United States vs. China: The Quest for Global Economic Leadership
In This Review In This Review The United States vs. China: The Quest for Global Economic Leadership Many observers despair of the prospects for broad economic cooperation between the United States and China. Not Bergsten. He offers a vision of “conditional cooperation” between the two countries, in which their governments jointly lead the global economic order. Washington would acknowledge Beijing’s co-leadership; in return, China would accept the responsibilities accompanying such a position.
We Are All Geoeconomists Now
Sign in and save to read later Print this article Share on Twitter Share on Facebook Share on LinkedIn Get a link Page url Request Reprint Permissions Robert Blackwill and Jennifer Harris (“The Lost Art of Economic Statecraft,” March/April 2016) argue that the United States no longer uses economic instruments to accomplish geopolitical objectives. Nothing could be further from the truth.
APEC and World Trade
Sign in and save to read later Print this article Share on Twitter Share on Facebook Get a link Page url Request Reprint Permissions Contrary to most expectations about regional economic organizations, the Asia-Pacific Economic Cooperation (APEC) forum is poised to become a driving force for worldwide trade liberalization.
C. Fred Bergsten
In This Review In This Review 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown By Simon Johnson,James Kwak Sign in and save to read later Print this article Share on Twitter Share on Facebook Get a link Page url Request Reprint Permissions This penetrating analysis of the economic and financial crisis of 2008-9 places the crisis' eruption and evolution and the policy response to it in the context of U.S. economic history.
South Korea should prepare for its exposure to US-China technology tensions
Photo Credit: EyePress News via Reuters Connect This research is part of a 2022 series on the Korean economy. For additional research, look under "Recommended." The stated goal of the US-led Indo-Pacific Economic Framework for Prosperity (IPEF) is to create standards that enhance and elevate regional trade and investment flows, but it is clearly aimed at reducing the role of China in global supply chains.
China's CPTPP bid spurs South Korea to act on Asia-Pacific trade pacts
Photo Credit: REUTERS/Rodrigo Garrido China’s sudden application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in September 2021 has broad implications for South Korea’s economic relations with China, Japan, and the United States. In the past, Korea frequently debated but invariably postponed deciding whether to participate in negotiations on the CPTPP, despite the substantial benefits to be gained from doing so.
A Discussion of the APEC, East Asia, and G-20 Leaders' Summits Ahead of the upcoming leaders' summits, PIIE experts discuss the agendas that are expected to focus on increasing economic growth and improving free trade and economic cooperation. Steven R. Weisman led the call and was joined by C. Fred Bergsten, Jeffrey J. Schott, and Jacob Funk Kirkegaard. November 7, 2014
Book Description After leading the world economy for a century, the United States faces the first real challenge to its supremacy in the rise of China. Is economic (or broader) conflict, well beyond the trade war that has already erupted, inevitable between the world’s two superpowers? Will their clash produce a new economic leadership vacuum akin to the 1930s when Great Britain abandoned its leadership role and a rising United States was unwilling to step in to save the global order?
U.S. and China must cooperate to save the global order - C. Fred Bergsten
A good way to start would be to roll back the current trade war© Nikkei Asian
Book release: The United States vs. China: The Quest for Global Economic Leadership
C. Fred Bergsten will present the conclusions of his latest book, The United States vs. China: The Quest for Global Economic Leadership, published by Polity Books. In this sweeping and authoritative analysis of the competition for global economic leadership between China and the United States, Bergsten warns of the disastrous consequences of hostile confrontation between these two superpowers.
Globalizing Free Trade
Economic success in today’s world requires countries to liberalize to attract mobile international investment, which goes far to determine the distribution of global production, jobs, profits, and technology. Success also requires countries to compete effectively in international markets rather than simply at home.
Op-ed: President Biden is confronted with an urgent choice on China and trade
Then-US Vice President Joe Biden co-hosts a State luncheon in honor of Chinese President Xi Jinping September 25, 2015 in the Benjamin Franklin room at the Department of State in Washington, DC. (Photo by Paul J. RICHARDS / AFP) (Photo by PAUL J.
A Partnership of Equals
To be an economic superpower, a country must be sufficiently large, dynamic, and globally integrated to have a major impact on the world economy. Three political entities currently qualify: the United States, the European Union, and China. Inducing China to become a responsible pillar of the global economic system (as the other two are) will be one of the great challenges of coming decades—particularly since at the moment China seems uninterested in playing such a role.
Memo to the Biden administration on the US trade deficit and international financial policy
Part of a special PIIE series Rebuilding the Global Economy outlining policy priorities and solutions heading into 2021. Background: A prerequisite for success in your domain is to strengthen relationships with your colleagues in the Group of 7 (G7[1]) advanced industrial democracies, the G20[2] leading economies, the International Monetary Fund (IMF), the 37-member Organization for Economic Cooperation and Development (OECD), the World Bank, and the regional development banks.
Memo to the Biden administration on Foreign Policy Aspects of International Economic Relations
To: The Chairs of the Senate Foreign Relations Committee and House Foreign Affairs Committee November 9, 2020 11:00 AM Image credit: PIIE/Jeremey Tripp Part of a special PIIE series Rebuilding the Global Economy outlining policy priorities and solutions heading into 2021. International economic cooperation and US global economic leadership, key pillars of world peace and security, have eroded badly in recent years. Traditional American alliances have been weakened by economic conflicts.
The US retreat from East Asia is costly
Peter A. Petri (PIIE) and Michael G. Plummer (Johns Hopkins University and East-West Center) When President Donald Trump said in his inaugural address that trade “protection would lead to great prosperity and strength” and withdrew from the Trans-Pacific Partnership (TPP) agreement, many East Asians were unfazed. Trump was a businessman. He might bargain for better trade deals but would not abandon America’s lucrative partnerships with the world’s most dynamic region.
Export controls: America’s other national security threat
May 2020 Photo Credit: REUTERS/Matt Sullivan While the public was transfixed by the Trump administration’s policies alleging that imports were a threat to America’s national security during 2017–20, there was a concomitant and more quiet US policy shift on the export side.
The US-China currency deal will provoke new trade tensions
President Donald Trump has long claimed that China gained competitive advantage in trade by manipulating its exchange rate. That was true 15 years ago but not in recent years. No matter, Trump administration officials continue to raise the specter of past goblins to rally support for their efforts to erect new import restrictions against Chinese goods and services. And that remains the case despite the recently announced US-China “phase one” trade deal and its new obligations on currency practices.
Trump reverts to Obama policy on China’s currency
January 16, 2020 4:30 PM Photo Credit: REUTERS/Thomas White Phase one of the US-China Economic and Trade Agreement tacitly repudiates previous Trump administration policy on China’s exchange rate. In 2019, the administration labeled China a currency manipulator, charging that it had deliberately devalued its currency to make the cost of its exports lower in the United States, supposedly circumventing US tariffs on Chinese goods. That charge was misplaced.
The United States-China Economic Relationship and the Strategic and Economic Dialogue
Testimony before the Subcommittee on Asia, the Pacific and the Global Environment, Committee on Foreign Affairs, US House of Representatives The Policy Context The United States and China are the two most important national economies in the world: China will shortly pass Japan to become the world's second largest economy behind the United States; the two together accounted for almost one half of all global growth during the four-year boom prior to the crisis; they are the two largest trading...
Assessing the Strategic and Economic Dialogue
Statement before the Hearing on Reviewing the US-China Strategic and Economic Dialogue, Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing and Urban Affairs, United States Senate Toward a G-2 I have proposed since 2004 that the United States and China create an informal G-2 to help steer the world economy. The reason is simple: Progress is impossible on most important global economic issues without agreement by these two global economic superpowers.
Trump's Attack on China's Currency Policy
August 6, 2019 5:00 PM Photo Credit: REUTERS/Bobby Yip President Donald Trump has forced Secretary of the Treasury Steven Mnuchin to label China a “currency manipulator,” despite the absence of any evidence to that end. China did manipulate from 2003 to 2013, intervening massively in the foreign exchange markets to strengthen its competitive position by buying dollars to hold the renminbi down.
Trump's War on US Exports
President Donald Trump’s tariffs on US imports, ratcheted up August 1 to cover another $300 billion in goods that Americans buy from China, are only half the trade war he has been waging since taking office. The other half is to push other countries to buy more US industrial goods, energy products, and farm produce. Ironically, however, US exports have instead become one of the chief victims of the president’s trade conflicts. Export growth has plummeted over the last six months.
Congress must use the USMCA to stop Trump's trade abuses
The Trump administration is escalating pressure on Congress, especially Democrats, to quickly approve the new US-Mexico-Canada Trade Agreement (USMCA) signed last November. At the same time, the administration continues to reserve the right to slap tariffs on Mexico over the immigration issue, a threat that has provoked furious criticism on both sides of the aisle as an abuse of the president’s trade authority.
The Truth About Currency Manipulation
U.S. President Barack Obama’s signature international economic initiative, and the centerpiece of his pivot to Asia, is the Trans-Pacific Partnership (TPP), a trade agreement of a dozen Asia-Pacific countries. But the partnership faces a major hurdle.
Comments on Proposed Modification of Regulations for Countervailing Duty Proceedings
We welcome this opportunity to comment on the Commerce Department's proposal to allow currency undervaluation to be considered as a subsidy to foreign exporters that may be subject to countervailing duties.
Current Trade Policies and the US Economy
The Trump administration has clearly abused congressional intent and arguably some of its legislative authorities in implementing current trade policies. Congress should act urgently to rein in the excesses of the executive branch. There is no evidence that imports of steel and aluminum from some of our closest allies—Canada, Europe, Japan, Korea, Mexico, and Turkey—have damaged or threatened to damage the national security of the United States.
Commerce Department's Proposal to Curb Currency Manipulation Uses the Wrong Tool
President Donald Trump has repeatedly deplored currency manipulation by US trading partners—the practice of weakening one’s own currency to improve trade balances by making exports cheaper and imports more expensive. Trump accused China of manipulating the yuan during his 2016 presidential campaign but could not impose punishment after his election because China had stopped manipulating some years prior.
A Currency Deal with China?
While running for president in 2016, Donald Trump pledged that “on day one of a Trump Administration the US Treasury Department will designate China a currency manipulator.” As recently as August 2018, the president tweeted that China’s practices were hurting US interests: “I think China’s manipulating their currency, absolutely.” It is thus highly ironic (to put it mildly) that he may now be asking China to manipulate its exchange rate to help the United States.
Peter Navarro's "The Era of American Complacency on Trade Is Over" Op-Ed-Annotated and Explained
Peter Navarro's "The Era of American Complacency on Trade Is Over" Op-Ed—Annotated and Explained President Trump’s trade advisor, Peter Navarro, has criticized the six other G-7 countries for not recognizing their roles in supposedly contributing to the US global trade deficit. His critique ran in a New York Times op-ed on June 8. C. Fred Bergsten, in a handwritten annotation of Navarro’s piece, explains why Navarro’s main premise is based on a fallacy.
Currency Conflict and Trade Policy - A New Strategy for the United States | Columbia University Press
Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the twenty-first century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation.
How Not to Mobilize Against China
How Not to Mobilize Against China President Trump is right about one thing when it comes to trade. As he has repeatedly argued, the chief target of any new US trade offensive should be China. Among the reasons are its huge theft of intellectual property, aggressive use of mercantilist industrial policy, mandated technology transfers for foreign investors, repeated cyberattacks, blatant bullying of foreign companies and some foreign governments, and massive currency manipulation in earlier years.
Currency Manipulation, the US Economy, and the Global Economic Order
Currency Manipulation, the US Economy, and the Global Economic Order More than 20 countries have increased their aggregate foreign exchange reserves and other official foreign assets by an annual average of nearly $1 trillion in recent years. This buildup—mainly through intervention in the foreign exchange markets—keeps the currencies of the interveners substantially undervalued, thus boosting their international competitiveness and trade surpluses.
Trump's NAFTA Agenda-Annotated and Explained
Trade experts C. Fred Bergsten and Gary Clyde Hufbauer shared their notes on the Trump administration's recently released document on NAFTA objectives. Here are brief thoughts on select sections of the US strategic plan in their own handwriting. Click on the notes to zoom in, then hit your browser's back button to return.
A Path Forward for NAFTA
The North American Free Trade Agreement (NAFTA) ranks at the top of anyone’s list of the most controversial trade deals of all time. Reviled by critics as unfair and as a job destroyer, praised by its defenders as having a documented record of success in spurring economic growth, NAFTA reduced tariff barriers to zero for the United States, Mexico, and Canada and led to a tripling of trade among these three countries over the last 23 years.
Trump's Trade Policy Is a Big Loser
A centerpiece of Donald J. Trump's presidential campaign has been his pledge to impose sizable tariffs on imports from China and Mexico. He wants to punish US companies that offshore manufacturing to other countries by taxing them heavily and imposing tariffs on their sales to the United States. No president can act aggressively on such matters, however, without congressional assent unless she or he were willing to abrogate US law and violate longstanding US international commitments.
Currency Manipulation in the NAFTA Renegotiation
May 19, 2017 12:45 PM US Trade Representative Robert Lighthizer has indicated that the Trump administration will seek to include the currency issue in the renegotiated North American Free Trade Agreement (NAFTA) and in any other trade agreements it might pursue.
G-7 Economic Cooperation in the Trump Era
This paper examines how G-7 cooperation can be maintained in the Trump era. Its working assumption is that the US administration will remain open to international cooperation in principle and yet be constrained by Trump’s economic nationalism and specific campaign promises, such as reducing trade imbalances. The main finding is that useful areas for G-7 macroeconomic, trade, and financial cooperation continue to exist even after taking US constraints into account.
Release of US Trade Policy Options in the Pacific Basin: Bigger Is Better
Release of US Trade Policy Options in the Pacific Basin: Bigger Is Better PIIE Senior Fellow Jeffrey J. Schott will present the findings of the Institute's latest Policy Brief, US Trade Policy Options in the Pacific Basin: Bigger Is Better, on February 16, 2017. C.
China is No Longer Manipulating its Currency
China is No Longer Manipulating its Currency US President-elect Donald Trump has vowed to instruct his Secretary of the Treasury to label China a currency manipulator on his first day in office, just as Republican presidential candidate Mitt Romney did in 2012.
Toward A New U.S. Partnership With India
Prime Minister Narendra Modi will visit President Obama and address a joint session of Congress this week. The two leaders have developed a genuinely warm and positive relationship. While India and the United States have worked well together over the past eight years, we have achieved no landmark outcome which captures public attention and carries our two governments into a new American administration.
The New US Currency Policy
The New US Currency Policy In the latest chapter of the saga over countries that seek unfair trade advantages from currency manipulation, the US Treasury has released a new report aimed at curbing the practice. Treasury is correct not to indict any countries for “currency manipulation” at this time but also to create a “monitoring list” of five major countries—China, Germany, Japan, Korea, and Taiwan—that could become “manipulators” in the future and thus require close surveillance.
Trump's Trade Policy Is a Big Loser
A centerpiece of Donald J. Trump's presidential campaign has been his pledge to impose sizable tariffs on imports from China and Mexico. He wants to punish U.S. companies that offshore manufacturing to other countries by taxing them heavily and imposing tariffs on their sales to the United States. No president can act aggressively on such matters, however, without Congressional assent unless she or he were willing to abrogate U.S. law and violate longstanding U.S. international commitments.
TPP and Exchange Rates
The Trans-Pacific Partnership (TPP) has achieved an important distinction in the annals of debates over trade policy. It is the first US trade agreement accompanied by a declaration on macroeconomic policies and exchange rates.
PIIE Chart: India’s Trade Gains from Joining an APEC-wide TPP
Indian manufacturing and services exports have grown slowly since 2012. This export stagnation problem is compounded by India’s absence from the megaregional trade agreements being negotiated among its major trading partners. The Trans-Pacific Partnership (TPP) will include the United States, Japan, and several ASEAN countries; while Korea, other members of APEC, and possibly China may join TPP in a second stage of negotiations or work out a separate Free Trade Area of the Asia-Pacific (FTAAP).
The Truth About Currency Manipulation
U.S. President Barack Obama’s signature international economic initiative, and the centerpiece of his pivot to Asia, is the Trans-Pacific Partnership (TPP), a trade agreement of a dozen Asia-Pacific countries. But the partnership faces a major hurdle.
The U.S. Needs a Free-Trade Deal With China
China has intensified its efforts recently to deepen diplomatic and trade relationships with international partners and secure its rapidly expanding interests globally. This new dynamic presents both challenges and opportunities for the United States. Regrettably, Beijing sees the U.S. strategy of “pivoting” or “rebalancing” its Asia policy in a negative light, as an effort to contain China.
Five myths about the euro crisis
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