In 2001 China became part of the WTO. The trade deal with the United States that lead to this was supposed to be good for not only the US but its trading partners, and there was no bigger trading partner than Canada.
a) Research the trade deal in 2000. Identify the leaders of China, the United States, and Canada at the time of the deal. Describe the deal providing reasons why each country would be in favour of the deal at the time. Illustrate what the deal was supposed to for Canada’s economic growth using charts.
b) Describe the outcome of the deal from 2001 to today in terms of what the result has been for the economies of China, United States, and Canada. Use charts to also illustrate your description of the economic outcome. Now describe how this deal has influenced the Canadian government’s economic intervention in terms of income distribution, unemployment, and fiscal and monetary policies.
c) What economic lessons have been learned from the deal? If we could go back in time how do you think the United States would try to change the deal?
d) What has this deal meant for you personally? Identify both positive and negative outcomes of the deal that will impact your career in business as well as you own personal standard of living.
e) Now understanding this trade deal, describe how you will become more engaged with macroeconomic policies and news. Describe why understanding macroeconomics is important to your livelihood.