• Discuss non-monetary benefits open trade has contributed to the world since the end of WWII. Provide at least 2 examples. Why do you think these are important?
• How have changes to US trade and tariff policies affected US trade with other nations? Consider recent (less than 2 years old) credible news sources to support your response.

Step-by-step explanation

1. Since WWII, the globe has seen increased collaboration, the establishment of multilateral economic and trade institutions such as the World Trade Organization (WTO), and an increase in global shared wealth. All of this would not have been feasible without international trade. Since the end of WWII, global trade has provided numerous non-monetary benefits to the world.

(I) Technology transfer: Open trade has enabled many technologically advanced countries to share their advanced technology with the developing world, resulting in an increase in commodities output in impoverished countries as well. This has aided in the reduction of poverty and the advancement of industrialization in these countries.

(II) Fewer conflicts between countries: Because countries' prosperity is intertwined, open trade has also binded them together through economic links, resulting in fewer conflicts between them.

It is critical for the globe to have a peaceful environment and more equitable opportunities for everybody, particularly poor countries, in order to achieve shared prosperity.

2. The US government recently slapped taxes on steel and aluminum imports from practically every country in the globe, as well as levies on almost all Chinese imports. As such commodities are now created locally, it has resulted in a drop in US trade involvement. It has, however, increased the cost of production for US businesses, rendering them inefficient and unproductive.

Trade between the United States and China has been particularly important, as the trade war between the world's two largest economies has resulted in a drop in China's economic activity.