International Trade Speech - 92720

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International Trade Speech


International Trade Speech

Ladies and Gentleman, as Speaker of the House I am here today to address the current condition of the national economy here in the US with a focus on international trade and foreign exchange rates. The part of economics concerned with factors on a national scale is referred to as microeconomics. Microeconomics studies the whole economy of the nation as opposed to sectors or part. The whole economy is referred to as the aggregate economy. Macroeconomics is inclusive of aggregate supply of goods and services and aggregate demand for goods and services in the US. Imports refer to goods and services brought into the US from outside countries while exports refer to goods and services taken out of the US to be distributed in outside countries. The exchange of imports and exports between different countries is referred to as international trade. Foreign exchange rates refer to the value of the currency in the US in comparison to the value of the currency in other countries.

Surplus refers to an excess of the amount of goods of services in demand by consumers. When there is a surplus of imports brought into the US the price of those goods are lowered in order to sell off the surplus inventory and cut storage costs, or make room for new inventory—making domestic consumers happy. On the other hand, domestic producers and businesses competing with imports suffer losses from fewer sales and lower prices. With a surplus of goods brought into the US comes reduction of the amount of goods exported to other countries. The amount that the imports exceed the value of the exports is referred to as a trade deficit. The deficit is equal to the value of the imports less the value of the exports and is expressed using US currency. A trade deficit affects employment availability in that fewer exports mean less production which lessens the need for workers. Fields that supports the import process such as transportation