The price boom had a big effect on sentiment and of course terms of trade but in terms of actual activity delivered into the Australian economy, it's been quite modest.
However, it is a low probability trade also in terms of price maximization of trade.
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In recent years the U.S. has improved relative to Japan in terms of productivity and the terms of trade, and the interest-rate differential has widened in America's favor.
After years of carrot-and-stick games with trade terms, the US has finally granted China permanent status as a normal trading partner.
Mr. Najafi was willing to drop his liquidation option if publishers agreed to grant him normal trade terms, according to people familiar with the matter.
The two countries hardly became good neighbours, with the issues of Ethiopian access to the Eritrean ports of Massawa and Assab and unequal trade terms souring relations.
Both countries can enjoy more bikes and more wheat if they trade on terms at which both will gain.
This is a very low risk trade in terms of pure dollars.
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Just as free trade in terms of physical and intellectual goods makes us better off, so are we better off when human capital can freely cross our borders such that we can all become even more specialized in our work.
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Many of the foreigners' factories are there because investors in China sought a bolt hole: China has its own high tariffs, many countries limit imports from China, and trade was each year threatened by the annual debate in Congress over the terms of America's trade relations with China.
In trade-weighted terms, the euro has fallen by a more modest 5% this year.
The dollar bounced by 10% in trade-weighted terms within two months of the end of the Gulf war.
In fact, it has assumed that sterling will fall by 6.3% (in trade-weighted terms) in the next two years.
Chinese officials have said publicly that they will not push down the yuan, and their currency has risen in trade-weighted terms.
This has happened in New Zealand, where the currency, the kiwi dollar, has fallen by 15% in trade-weighted terms over the past year.
Although the greenback may well strengthen for a while yet, it is unlikely to be able to maintain its recent 10%-a-year rate of appreciation in trade-weighted terms.
Since August, the yen has risen by a fifth in trade-weighted terms, thanks in part to expectations of slower growth (and hence of lower interest rates) in America.
So far the dollar's slide has been fairly gradual: it is down by 13% in trade-weighted terms over the past year, though it has dropped by almost twice as much against the euro since its 2001 peak.
Lots remains to be done, of course, in terms of trade and economic relations.
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But the deterioration in the terms of trade can also generate its own momentum.
Lane argues this compartmentalization invites leaders to think in terms of trade-offs, not integration.
They also repudiated liberal international trade, because the terms of global commerce were deemed exploitative and unfair.
In terms of trade, it is also time to develop a more ambitious common framework for investments.
GDP, less than half the terms of trade loss from each of the 1970s oil price shocks.
The White House is wrongly pushing hard to get China into the World Trade Organization on concessionary terms.
Despite worsening terms of trade and appreciation of our currency, the trade deficit is the same as last year.
That will make it difficult for the Board of Trade to extract favourable terms on details like fee-sharing arrangements.
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