The Reorientation of US Economic Strategies Towards Latin America and Its Implications
Due to the overlapping influence of internal and external factors,such as weak economic growth in the United States,the impact of the COVID-19 epidemic,geopolitical conflicts,and the competition game between the United States and China,the US government has paid ever more attention to Latin America.This article gives a comprehensive overview of the changes in the economic and trade relations between the United States and Latin America.It systematically reviews the US changes in the economic strategies of various ruling parties towards Latin America since the Obama administration,analyses the underlining motivations and future trends.The paper constructs a model of large-scale numerical general equilibrium that quantitatively simulates the economic impacts of the three scenarios:the US-Mexico-Canada Agreement;the Partnership for Economic Prosperity in the Americas and the resultant deepening of US-Latin American cooperation;and Sino-US-Latin American competition and cooperation.The study finds that there is an asymmetric trade and investment relationship between the US and Latin America:the US is both the largest trading partner and the largest source of investment for major Latin American countries,and the latter have deep economic dependence on the former.Although the US ruling parties of different periods have significantly adjusted their economic strategies towards Latin America,the essence is still that of"Monroeism",adhering to the"America First"philosophy,and trying to build Latin America into a"backyard"with ever stronger economic exclusivity and dependence on the United States.Overall,the competition between the United States and China in Latin America is detrimental to the world economy.
Latin American economyMonroeismUS-Mexico-Canada AgreementPartnership for Economic Prosperity in the Americas
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