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The purpose of this paper is to evaluate the economic impact of a rising US trade protectionism on the economies of China, Japan, South Korea and the ASEAN countries and draw out some policy and strategic implications for the USA and East Asia.

The authors employ a computable general equilibrium approach supplemented with qualitative analyses based on empirical evidence.

An increase in US import tariffs would result in economic losses for the USA and the corresponding country or region to which the import tariff increase is applied. An increase in US import tariffs for Chinese goods alone would not have any spillover effects on other East Asian countries. But, an imposition of a border adjustment tax (BAT) for all countries and for all products would actually boost US economic growth. Advanced economies would enjoy GDP increases, but China, Korea and the ASEAN countries would face an economic loss in a longer term period, although they would enjoy some growth in the short term. However, when the BAT only applies to a specific East Asian country, USA would suffer an economic loss, with the exception of a BAT specifically targeted at the ASEAN countries. ASEAN countries would not experience any economic loss under all scenarios except in the case of import tariffs specifically targeted at ASEAN.

From the US perspective, it is beneficial to adopt a BAT for all countries and across the board. Under this arrangement, there would be an economic loss for China, Korea and the ASEAN countries in the longer term. An increase in US trade protectionism would only push the East Asian countries towards deeper economic integration, with serious implications for global pattern of trade and investment.

The existing literature on the likely economic impact of US trade protectionism on East Asia is very scarce and based on surveys and subjective speculations. This study uses a quantitative method based on empirical evidence.

Many multinational firms attempt to cope with trade policy uncertainties by developing the option of manufacturing their goods in multiple production facilities in different countries. In this chapter, we explore how such “production switching” options affect the vulnerability of a country’s exports to foreign protectionism. We present a theoretical model of such behavior and show that production switching increases the elasticity of a country’s export with respect to tariffs. The magnitude of the elasticity depends on a country’s position in the value chain. We use the model’s predictions to provide new insights into the vulnerability of China’s exports during the current Sino–US trade war.

Protectionist legislation has experienced a resurgence in the US. The legislation aimed at the textile and apparel industry has proceeded the furthest. It serves as an excellent case to examine the arguments for and against protectionism, the strategies for textile and apparel marketers should such legislation be enacted and alternatives to protectionist legislation. The possibility that some form of legislation may succeed is high. Both policy‐makers and managers in potentially affected industries need to be aware of strategies and problems after a trade enforcement act.

This study analyzes the policy initiatives that have been adopted by the US government since the 1930s. We document the institutional bodies responsible for the implementation of trade policy, as well as the objectives and decision making practices that are associated with policy formation. We also examine the new institutional movement of the Trump Administration’s neo-protectionist “America First” trade policy and its potential impact on the Asian region. Finally, our study examines the recent renegotiation of Korea-US FTA from a perspective of each country’s internal decision making process and discusses a number of issues that have relevant applications for Korea. The results from our analysis show that U.S trade policy show that despite a long period of an open and liberalized trade policy focus, recent neo-protectionist measures by President Trump could lead to potential trade wars and a return to the beggar-thy-neighbor policies of the 1930s. Such an anti-globalization agenda could have dire consequences for export dependent countries in the Asian region.

The aim of this paper is to analyse the different measures taken by the G7 and G20 leaders to face the current global financial crisis and to show whether such decisions represent a return to protectionism.

The paper proposes the introduction of a new economic system based on Islamic banks' principle which calls for cancelling interests. This line of thinking might solve speculation problems and put this type of crisis to an end.

This financial crisis pushed most developed countries to lower their banking rates and to implement null‐approximating interest rates, a move which replicates the principle adopted by Islamic banks.

The paper represents a point of view on the financial crisis, the return to protectionism and the role of Islamic banking.