Before revision: We generalize the fundamental theorem of asset pricing (FTAP) and hedging dualities in \mbox{%DIFAUXCMD ZZ8 the case where the investor can  short American options.
After revision: Since most of the traded options on individual stocks is of American type it is of interest to generalize the results obtained in semi-static trading to the case when one is allowed to statically trade American options. However, this problem has proved to be elusive so far because of the asymmetric nature of the positions of holding versus shorting such options. Here we provide a unified framework and generalize the fundamental theorem of asset pricing (FTAP) and hedging dualities in \mbox{%DIFAUXCMD ZZ8 the case where the investor can short American options.