Free Trump, Powell, and the US Current Account Case Study Solution | Assignment Help

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Written by Gary F. Smith
Publish Date: 2024-12-05

Harvard Case - Trump, Powell, and the US Current Account

"Trump, Powell, and the US Current Account" Harvard business case study is written by Eduard Talamas, Jordi Gual. It deals with the challenges in the field of Economics. The case study is 10 page(s) long and it was first published on : Mar 22, 2023

At Fern Fort University, we recommend a comprehensive strategy to address the US current account deficit, focusing on a multi-pronged approach that leverages economics, international relations, and business and government relations to foster economic growth and globalization while mitigating potential risks. This strategy prioritizes strategic planning and government policy and regulation to create a sustainable future for the US economy.

2. Background

The case study 'Trump, Powell, and the US Current Account' explores the growing US current account deficit and its implications for the US economy. The case highlights the complex interplay between trade, exchange rates, financial markets, and politics in shaping the current account balance. The main protagonists are President Trump, who implemented protectionist trade policies, and Federal Reserve Chair Jerome Powell, who navigated the economic landscape amidst these changes.

3. Analysis of the Case Study

The case study presents a complex economic situation, requiring a multi-faceted analysis. We can apply the following frameworks:

a) Macroeconomic Analysis: The US current account deficit is a critical macroeconomic indicator reflecting the imbalance between the country's imports and exports. The deficit can be attributed to factors like:

  • Supply and Demand: Increased consumer demand for imported goods and services, coupled with a decline in US exports, contributes to the deficit.
  • Exchange Rates: A stronger US dollar makes imports cheaper, further widening the deficit.
  • Government Policy: Trade policies like tariffs and subsidies can impact the current account balance.

b) International Business Perspective: The case study highlights the impact of globalization and international trade on the US economy. The increasing interconnectedness of global markets has led to both opportunities and challenges for US businesses.

c) Political and Regulatory Landscape: The case study demonstrates the influence of politics and government policy and regulation on the current account. President Trump's trade policies, driven by protectionist sentiments, have significantly impacted trade flows and the current account balance.

4. Recommendations

To address the US current account deficit, we recommend a strategic approach encompassing the following key elements:

1. Fostering Economic Growth and Competitiveness:

  • Innovation and Technology: Encourage investment in research and development to drive innovation and enhance US competitiveness in global markets.
  • Education and Skills Development: Invest in education and workforce training programs to equip the US workforce with the skills needed for the 21st-century economy.
  • Infrastructure Development: Invest in infrastructure projects to improve transportation, energy, and communication networks, enhancing productivity and competitiveness.

2. Promoting Trade and Investment:

  • Negotiating Fair Trade Agreements: Engage in multilateral and bilateral trade negotiations to secure fair trade agreements that promote open markets and level the playing field for US businesses.
  • Supporting Export Growth: Provide support to US businesses seeking to expand their export markets, including access to financing, market intelligence, and trade promotion programs.
  • Attracting Foreign Investment: Implement policies to attract foreign direct investment, creating jobs and boosting economic activity.

3. Managing the Exchange Rate:

  • Flexible Exchange Rate Policy: Maintain a flexible exchange rate regime that allows the dollar to adjust to market forces, mitigating the impact of exchange rate fluctuations on the current account.
  • Coordination with International Partners: Collaborate with other countries to manage exchange rate volatility and ensure a stable global financial system.

4. Fiscal Responsibility:

  • Sustainable Fiscal Policy: Implement a sustainable fiscal policy that reduces the government's deficit and debt burden, promoting confidence in the US economy and reducing the need for foreign borrowing.

5. Basis of Recommendations

These recommendations are based on the following considerations:

1. Core Competencies and Consistency with Mission: The recommendations align with the US government's mission to promote economic growth, job creation, and national security.

2. External Customers and Internal Clients: The recommendations aim to benefit both US businesses and consumers by promoting fair trade, enhancing competitiveness, and creating a stable economic environment.

3. Competitors: The recommendations acknowledge the global nature of competition and aim to enhance US competitiveness in the face of challenges from other countries.

4. Attractiveness: The recommendations are expected to have a positive impact on the US economy, leading to increased economic growth, job creation, and a more sustainable current account balance.

5. Assumptions: These recommendations are based on the assumption that the US government will implement sound economic policies and that businesses will respond positively to these initiatives.

6. Conclusion

Addressing the US current account deficit requires a comprehensive and strategic approach that leverages economics, international relations, and business and government relations. By fostering economic growth, promoting trade, managing the exchange rate, and implementing fiscal responsibility, the US can create a sustainable future for its economy and navigate the complexities of globalization.

7. Discussion

Other alternatives not selected include:

  • Protectionist Trade Policies: While appealing in the short term, protectionist measures can lead to retaliatory actions, trade wars, and economic stagnation.
  • Currency Manipulation: Devaluing the US dollar to boost exports can create unintended consequences, including inflation and financial instability.

Risks and Key Assumptions:

  • Global Economic Uncertainty: The recommendations are based on the assumption of a stable global economy. Economic shocks or crises could disrupt trade flows and impact the current account balance.
  • Political Instability: Political instability in the US or abroad could undermine confidence in the economy and hinder trade and investment.
  • Technological Disruption: Rapid technological advancements could create new challenges and opportunities, requiring ongoing adjustments to the US economic strategy.

8. Next Steps

To implement these recommendations, the US government should:

  • Establish a National Economic Strategy: Develop a comprehensive economic strategy that addresses the current account deficit and promotes long-term economic growth.
  • Form Strategic Partnerships: Collaborate with other countries to address global economic challenges and promote fair trade.
  • Invest in Education and Infrastructure: Allocate resources to education and infrastructure projects to enhance competitiveness and productivity.
  • Monitor and Evaluate Progress: Regularly monitor the effectiveness of the implemented policies and make adjustments as needed.

By taking these steps, the US can successfully address the current account deficit and create a more sustainable and prosperous future for its economy.

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Case Description

This case discusses the main macroeconomic policy decisions taken during the first years of the Trump administration.

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