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In the 1970s and 1980s, the US tax code provided for a so-called domestic international sales corporation (DISC). An exporter in the United States could set up a subsidiary that was not taxed on a certain percentage of export sales. This would offset some of the disadvantage. This was the state of our law for many years, until the WTO

India uses many of the tools of modern mercantilism. It has high tariffs, a bureaucracy focused on keeping imports out, and a system of industrial policy and protectionism. Its average MFN applied tariff rate of 17.6 percent is the highest of any major world economy

the International Monetary Fund (IMF) in 2014 estimated Germany’s inflation-adjusted exchange rate was undervalued by 5 percent to 15 percent and that the euro had fallen substantially even from that time. Second, he found that the surplus is buoyed by Germany’s tight fiscal policy that suppresses domestic spending—including on imports.