We step in when we see corruption, red tape, or bullying of small or medium-sized businesses. With a growing global population and a finite supply of fossil fuels, the need to diversify our supply is urgent.
And often, those will be economic in nature. As Russia moved deeper into Ukraine throughout 2014, the campaign intensified, with the United States, the EU, and other allies passing new sanctions limiting Russian access to international debt and equity financing. Because it still is a fact that most of our exports come from larger businesses. Given its economic strength, the United States may not lose a trade war with Canada or the EU, but it will not win one, either. We have seen governments toppled by economic crisis. The debates in Washington were often intense, but Foreign Service expertise helped win interagency consensus on how to most effectively build an international coalition and win support in every part of the world. It’s also not enough for our commercial diplomacy to promote the flow of goods and services.
Sometimes it’s even beneficial, as when energy suppliers work with consumers to stabilize global markets; sometimes, but not always. In fact, prudence and restraint are often cardinal virtues in U.S. economic statecraft, since radical changes may threaten the United States’ current position of economic power. We are 100 percent behind that. That gives these companies, whether they are wholly owned or partially owned by a government, an unfair advantage and harms foreign competitors and local entrepreneurs alike. This new economic statecraft requires us to update our foreign policy priorities, play better offense, use economic tools to solve strategic challenges, and build our internal capacity. So there is a very important discussion that needs to take place, and I wish it could take place now in our political system with the involvement and the support of American business leaders, about what is it we need to do to change the tax code, to provide incentives, to work toward the ability to capture some of those resources, reserves that are offshore.
Thank you very much. Because I know that somewhere in New York or elsewhere in America today, somebody is creating a business with an idea that could be a billion-dollar company if that idea can find its way into the marketplace.
Or they restrict access to critical minerals after a dispute. But I like to remind myself that we are by far the largest economy in the world, we have the most productive workers in the world, we have the capacity to continually reinvent our economy because we also have a younger workforce than many of our competitors, including Japan, in the world. Other countries have responded with retaliatory tariffs against U.S. goods, from soybeans to Harley-Davidson motorcycles, but even more concerning than the economic costs is the damage that has been done to relations with allies. We can’t be protectionist in a classic 1930s sense. And as with military power, the tools of economic statecraft don’t always have to be used to achieve their desired effect: sanctions sometimes work best when the mere threat of them prompts a concession. If he does, it will fall to Congress to both control its own impulses toward unilateral action and exercise oversight over executive-branch decisions on sanctions and trade policy, ensuring that these are prudent and in keeping with U.S. interests. And increasingly, state-owned and state-supported enterprises operate not just in their home markets, but around the globe, sometimes in secrecy, often lacking transparency and accountability that would come from shareholders and regulatory schemes and boards. embedded_plugin_status[1]=2; It was, after all, Harry Truman who said: “Our relations, foreign and economic, are indivisible.” Because President Truman understood that if America wanted to shape the postwar world, America had to lead – not just diplomatically or militarily, but critically, and maybe most importantly, economically. If the United States abandons its role as the guarantor of this system, other countries may rewrite the rules of trade. Washington supported IMF loans to Europe after the 2007–8 economic crisis, which reduced U.S. exposure to financial contagion, and to Iraq in 2004 and 2016, which helped the U.S. war effort by stabilizing the Iraqi economy. But it is true that we expect fair treatment for our investors overseas. Washington has historically been the main funder of the largest international financial institutions (IFIs)—the World Bank and the IMF—which has granted the United States powerful influence within them, including veto power over their major decisions.
On trade, too, the United States faces a future of more, and possibly more unfair, competition. It fell into arrears at the UN in 1985, and its commitments to the World Bank and the International Monetary Fund have been in constant peril since the 1990s. Economic officers have worked hard to ensure that the international growth of the internet and high tech supports America’s economic interests as well as its commitment to the free flow of information.
} else if(embedded_plugin_status[2] == 2) { The debates in Washington were often intense, but Foreign Service expertise helped win interagency consensus on how to most effectively build an international coalition to staunch terrorist financing. The Foreign Service brings unparalleled international knowledge and experience to the table in Washington that regularly help focus, refine and implement U.S. policies. economic statecraft. Now, there will always be times when we put cost aside to keep Americans safe or to honor our principles. And good morning, Madam Secretary.
And I don’t think I need to tell a roomful of New Yorkers that we still face serious threats. Around the globe, economic forces are transforming foreign policy realities. Every policy presents a tradeoff.
Click here to learn more. Finally, the United States should seek to coordinate internationally when possible. But I would hope, Abby, that we would begin to recognize, and maybe we’ll see some of that coming out of the super committee. Officials in the Obama administration often stated that U.S. sanctions, if reimposed, could damage the Iranian economy, notwithstanding the relief it had enjoyed under the Iran deal. She has been a great advocate for American leadership and for investing in and promoting the sources of our strength. Yet in its engagement with international institutions, as with sanctions, Washington’s perception of its own invulnerability has at times undermined its interests. It entailed helping to engineer effective debt relief in Africa, for example, and getting our closest European partners to implement their anti-bribery commitments to level the field for U.S. companies and to reinforce good governance. She understands the relationship between the economic strength of the United States and America’s standing in the world. It is doubtful whether the current U.S.–North Korean talks will go anywhere, but even so, Trump’s high-risk approach helped drive North Korea to the negotiating table. State VP Voice: Where Does the Econ Track Lead? I want to acknowledge the Economic Club’s president, Jan Hopkins.
In so doing, it expanded growth, encouraged developing countries to embrace free markets and open societies, and helped reduce global poverty.
So it’s got to be a common effort. I want to make sure that our economic and political interests are working in tandem to get to the result we seek, which is strong at home, strong abroad, continuing to generate more ideas that are going to benefit us here as well as elsewhere, and putting the building blocks in place.
And today, I want to talk about how we are modernizing our economic statecraft to rise to this challenge. So in the century ahead, we need to make it true that for every American, and hopefully, eventually for every person around the globe, we’re going to build a stronger economy that will provide more prosperity more broadly. The Economic Bureau is committed to fulfilling the Secretary’s vision of a deeper nexus between foreign and economic relations.
No place in the world shows that better than New York. Some of these tools, such as sanctions, involve the direct application of economic pressure. Others, such as the promotion of free trade and open markets, work by changing other countries’ incentives. Over the past three decades, globalization has increased the importance of good economic statecraft.
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