Gary Clyde Hufbauer is the Reginald Jones Senior Fellow at the Peterson Institute for International Economics. He has written extensively on international trade, investment, and tax issues. Hufbauer has authored numerous books including Economic Sanctions Reconsidered, 3rd edition and NAFTA Revisited: Achievements and Challenges. Hufbauer has won Choice OAT awards for his work. Jeffrey J. Schott has been a senior fellow at PIIE since 1983. He is also a member of the Advisory Committee on International Economic Policy of the US Department of State. Schott has written several books on trade, including NAFTA and Climate Change (2011), Figuring Out the Doha Round (2010), Economic Sanctions Reconsidered, 3rd edition (2007), and NAFTA Revisited: Achievements and Challenges (2005). Schott has won Choice OAT awards for his work.
Local Content Requirements: A Global Problemby Gary Clyde Hufbauer, Jeffrey J. Schott
In the wake of the Great Recession of 2008–09, economists feared that protectionist policies might sweep the world economy, echoing the wave of tariff escalations during the Great Depression of the 1930s. To some surprise, officials were more restrained and largely avoided traditional forms of protection (tariffs and quotas). As a result, economists underestimated the incidence of new protectionism because policymakers increasingly turned to more opaque behind-the-border nontariff barriers (NTBs). Using a combination of statistical analysis and case studies, the authors show that local content requirements (LCRs), a form of NTB, have become increasingly popular. How much was global trade actually reduced on account of LCRs? A conservative estimate might be $93 billion. Case studies featured cover the healthcare sector in Brazil, wind turbines in Canada, the automobile industry in China, solar cells and modules in India, oil and gas in Nigeria, and "Buy American" restrictions on government procurement.
- Peterson Institute for International Economics
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