U.S. Commerce Department

Definition

The U.S. Commerce Department is a cabinet-level agency of the United States government that is tasked with promoting economic growth, job creation, and sustainable development primarily through trade policy, technology innovation, and entrepreneurship support. It plays a crucial role in regulating international trade, enforcing fair trade laws, and improving the nation's technological infrastructure to enhance competitiveness in the global marketplace.

Related terms

International Trade:

The exchange of goods and services across international borders or territories which allows countries to expand their markets for both goods and services that otherwise may not have been available domestically.

Export Promotion: Governmental policy aimed at encouraging domestic companies to export their products or services to foreign markets as a means of boosting national income and fostering economic growth.

Trade Policy:

A government's policy governing how it conducts trade with other countries, including tariffs, trade agreements, import quotas, and other regulations that influence the flow of goods and services across borders