United States trade policy has far reaching consequences, only some of which are regularly dealt with in economic literature. This book considers the practical implications of trade policy on U.S. business and the world economic scene. Beginning with a balanced account of the history of recent U.S. trade policy, the author traces the policy shift from free trade to a more protectionist stance. Focusing on Japan and the European community, the author then examines the response of developed nations to U.S. trade policy. Using case materials the author illustrates both the positive and negative impact of trade restrictions on specific industries and how they effect domestic employment, profits, and product prices.