United States Trade Developments 2009-2010

United States Trade Developments, 2010 provides an overview of the most relevant developments in United States trade relations with Latin America and the Caribbean and of the measures that inhibit the free flow of goods among countries in the Western hemisphere.

As the global financial crisis that erupted at the end of 2007 leveled off, world trade rebounded soundly in 2010 although remains below the peak reached before the 2008 financial crisis. U.S. total trade has also expanded, increasing by 21.5% in the first nine months of 2010 compared to the same period last year. Imports grew faster (23%) than exports (20%) and therefore the U.S. trade deficit widened. U.S. total trade with Latin America and the Caribbean led the way with a 29% increase, followed by trade with Asia-Pacific (28%) and then Canada (26%).

The U.S. policy developments in 2010 revolved around promoting U.S. exports, especially those of small and medium enterprises and enforcement of international trade commitments. The U.S. and South Korea agreed to modify some aspects of the bilateral free trade agreements signed in 2007 and passage by U.S. Congress is expected in early 2011. The other pending agreements with Colombia and Panama have seen little action in 2010.

With respect to market access and trade inhibiting measures this years report addresses selected dispute settlement cases covering issues such as the U.S. dispute with Brazil regarding upland cotton, the dolphin-safe tuna with Mexico, the cross-border trucking dispute between the United States and Mexico among others.