International economics

      Read the article, “The Economic Losers in the New World Order Links to an external site.,” by E. Ballard, J. Douglas, and J. Emont, the Wall Street Journal, August 14, 2023. Write a report in your own words to answer the assignment questions below. Countries apply different types of trade restrictions (e.g., domestic content requirement, subsidies, and the Inflation Reduction Act, etc.) to promote domestic industries. Please identify different types of trade restrictions mentioned in the article and analyze their effects on domestic producers, consumers, and national welfare. Please also compare their effects with those from tariffs that you have learned in Econ 335. What has impeded Indonesia and the U.K. (after Brexit) to take advantage of U.S. industrial policies mentioned in the article? What, if any, are the differences between Indonesia versus the U.K. (after Brexit)? How have trade blocs (e.g., North America Free Trade Area or NAFTA, the European Union, etc.) played a role in the recent shift in global trade since 2020? What is the recent trend of foreign direct investment (FDI)? What are the pros and cons of FDI? What are the impacts of FDI on the economic growth of less developed economies versus advanced countries mentioned in the article? Please justify your discussion/analysis by referring to the data and evidence in the article and what you have learned in Econ 335.