The New York Times

Question: Write a short essay on The New York Times. Answer: The New York Times W.T.O Fails on High- Tech Tariff Deal Authors: Paul Mozur Jonathan Weisman. Date: Dec 12, 2014. This article is about the unfortunate turn of events when an agreement that was to be signed by China and other nations, in which an agreement was reached to which entailed the reduction of global tariffs on a range of high-technology products, failed to go through with Chinas refusal to allow competition within its markets because of their vulnerability. The talks which were held at Geneva, were aimed at reducing world-wide tariffs on $ 1billion in computerized goods such as video games consoles to more sophisticated goods examples such as magnetic resonance imaging machines. Had the agreement gone through, experts say that billions in tariffs annually would have been saved and a couple of jobs created throughout the world. However, the talks could not continue as a result of a confrontation that was witnessed between China and South Korea regarding liquid-crystal display television screens, the area in which China strongly wanted to venture. After the disagreement, China refused appeals by American and Korean negotiators. The failure of this agreement was a great disappointment to all the participants with the US administration feeling the greatest impact. Although the US is still a great exporter of high-tech products, China remains the worlds dominant exporter of electronics. This is a clear indication of how the removal of some trading barriers such as tariffs can be of great benefit to trading partners. In the case of this particular agreement, trading partners would stand to benefit a lot for instance, creation of more job opportunities among others. W.T.O was largely blamed for its incapability in sealing this trade agreement, a further indication of the continued lack of trust in this body to effectively carry out its functions. References: Rivera-Batiz, L. A., Oliva, M.-A. (2003). International trade: Theory, strategies, and evidence. Oxford [u.a.: Oxford Univ. Press. Krugman, P. R. (1996). Rethinking international trade. Cambridge, Mass. [u.a.: MIT Press.