The Department of Commerce is an agency at the level of the federal government in the United States that supports business growth. It manages the following bodies: the National Weather Service, the National Oceanic and Atmospheric Administration, and the Foreign Commercial Service. It also oversees maritime and coastal navigation and negotiates bilateral trade agreements. Additionally, it conducts the decennial population census.
What Does It Do?
The Department of Commerce aims to “create conditions conducive to the growth of the American economy and provide job opportunities.” It negotiates trade agreements, provides economic research, and sets business standards.
As a result, its responsibilities are as diverse as its 12 agencies:
What Is Its Impact on the American Economy?
The Department of Commerce helps set domestic and international trade policies. For example, it renegotiated the North American Free Trade Agreement. It did so under Trump’s threat to terminate the agreement if Canada and Mexico did not agree.
The International Trade Administration is responsible for implementing trade agreements with countries that have desirable natural resources. These agreements can lower the cost of imports and improve the trade deficit and current account deficit. They also enforce trade-based policies, intellectual property rights, and technology standards. These guarantees enhance the competitive ranking of the United States by attracting high-tech companies.
The Department of Commerce provides critical research to maintain a stable economy. It measures the national production of the country by GDP. For example, if the GDP for the last quarter is revised downwards, investors on Wall Street may anticipate a future decline in growth.
The International Trade Administration helps companies learn how to export. It has around 170 offices worldwide to promote American trade in foreign markets. The International Trade Administration implements free trade agreements and takes action on violations of international trade law, enhances the competitiveness of the American industry by analyzing trade data for use in trade policy development, and enforces anti-dumping penalties.
How Does It Affect You?
The National Weather Service can literally save your life. It issues warnings and alerts about natural disasters and severe weather. These include: monitoring and forecasting droughts, flood warnings and advisories, flood safety tips, heat wave warnings and advisories, and forecasts of above-average temperatures in an area. It provides hurricane warnings and advisories through the National Hurricane Center. It also offers forecasts for each season, along with warnings and watches for hurricanes and severe thunderstorms. Wildfire probabilities and predictions are also provided in collaboration with other agencies.
The National Oceanic and Atmospheric Administration monitors global warming and its effects on the oceans. It measures rising sea levels and ocean pollution. It also monitors the impact of marine disasters like the BP oil spill. This affects your quality of life.
Reports from the Bureau of Economic Analysis immediately impact Wall Street traders. Therefore, they also affect you. It is useful to be aware of these reports so you can adjust your financial strategies as needed. Here are the latest indicators from the Bureau of Economic Analysis:
- Current GDP statistics
- Current retail sales statistics
- Current international trade statistics
- Current consumer spending statistics
The Census Bureau conducts the annual American population survey. It provides updated statistics on the demographic composition of the United States. Some data is exclusive to the survey, such as education, mobility, and health insurance. Here are the latest indicators:
- Per capita income
- Median net worth
- Median household and family income
- Federal poverty threshold
- Median income
The Department of Commerce provides research on international trade:
- TradeStatsExpress provides general information on U.S. exports and imports to various countries.
- Export Solutions offers market research on any foreign market.
- BuyUSA.gov helps you export your business to various countries and provides trade missions you can join.
The International Trade Administration negotiates free trade agreements. These agreements lower the cost of the things you buy.
Conclusion
It oversees
The Department of Commerce works in the country to achieve balance in economic growth, create job opportunities, and improve the standard of living in America. As an umbrella agency, it manages several bodies. It oversees both domestic and international trade, supports economic activities, and gathers and analyzes data relevant to the economy. It also seeks to protect technology and intellectual property rights to help American companies maintain their edge over global competitors. Trade agencies also monitor the climate and keep track of consumer income, consumption, and employment levels. All of these factors directly impact the American economy.
Be aware of the goals and actions of the Department of Commerce. Your standard of living and financial well-being depend heavily on them.
Source: https://www.thebalancemoney.com/u-s-department-of-commerce-3306000
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