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Introduction to International Business

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Added on  2020-03-16

Introduction to International Business

   Added on 2020-03-16

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Introduction to International Business 1INTRODUCTION TO INTERNATIONAL BUSINESSby [Name]CourseProfessor’s NameInstitutionLocation of InstitutionDate
Introduction to International Business_1
Introduction to International Business 2It is not a good idea for United States to continue pushing other countries to stop trading with North Korea [ CITATION Ian10 \l 2057 ]. The manner in which the two countries relate is not the manner in which north Korea relate with other countries. In fact, there some countries like China and India relate well with the country in terms of trade.US is a strong country in terms of economy and development. Stopping other countries which want to build their economies through trading with North Korea will not be right. International trade plays a significant role in assisting a country to get what it does not have [ CITATION Bre10 \l 2057 ]. For example, there are countries which rely on coal and other minerals from North Korea. Failing to trade will mean such countries will experience some challenges and will have to seek for an alternative country where they can get those products.Although in terms of global trade North Korea is not a big player, the few countries it trades with are big players [ CITATION Ken11 \l 2057 ]. For example, china is the biggest world’s export economy and is the North Korea’s biggest trading partner followed by India. If for example US pushes china to stop trading with North Korea, there will be impact to not only North Korea but also to china. Most of the nations which trade with North Korea also do business with the United States, and influencing the US economy much more than they impact the tiny North Korean economy [ CITATION Jun16 \l 2057 ]. Some of these countries like for example China have serious effect on US economy. Terminating the trade between United States and china will cost US all jobs associated with goods and services exported to china. Anything that affects China would necessarily have an effect to the global economy[ CITATION Kim13 \l 2057 ]. Research suggest that if US was to stop purchasing goods and services from china, the likely impact would be costing the country at least 3% of GDP. This
Introduction to International Business_2
Introduction to International Business 3decision would also affect Asia because China is one of the biggest trading partner with most of the countries in that continent.International relationship plays a significant role in international trade. Positive relationship will make a country to attain products which it does not have through imports and get market for its surplus through exports [ CITATION Ren15 \l 2057 ]. If Trump was to implement his decision, US may suffer much more than North Korea because the country seems to mind less about the welfare of its citizens and putting much efforts on its military. The country is ready for its citizens to starve as long as the military is well equipped. In fact, trump’s direction might make the Americans suffer more and have less impact North Korean’s nuclear program.One of the possible outcome of North Korea and the world should other countries decide not to trade with north Korea is significant economic impact. Although North Korea plays limited role when it comes to international trade, there are various countries which depend on importing and exporting products to and from this country [ CITATION Wer13 \l 2057]. Some of these countries comprise of China, Thailand, Russia, France, Singapore, Mexico and Taiwan. A country like China is North Korea’s primary defence and also a business partner, contributing to almost 90 percent of its total trade. If this country follows Trump’s direction of not trading with this North Korea, it will realize serious economies impact based on the fact that they will not have market for some of their products.North Korea will also suffer serious economic crises because it may experience rises in demand with limited supply of goods. US also depends on other countries for trade[ CITATION Hui17 \l 2057 ]. If it bans engaging in trade with countries which trade with North Korea, it means it will also experience serious economic crises. For example, China is a mutual trade partner between the two countries. If US bans trading with it because it trades
Introduction to International Business_3

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