Most reports in the media mainly give the anti-free trade point of view. That we ought to protect American industry. That’s the entire argument. Emphasis is also given to similar views about buying American products.
In a global economy we are well aware that folks overseas will soon hear of that stand, just as readily as we would hear foreigners say they refuse to buy American products in favor of their own.
Facts refute the anti-free trade position. Global trade adds an average of about $1 trillion a year to America’s domestic income. Further drops in global restrictions would add about another $500 billion or more to this total in our favor.
The problem anti-free traders see arises when specific industries get hurt and their employees, particularly their unions, get the media ear, Yes, some suffer from foreign competition. But others prosper. And on balance, all Americans are much better off.
The key to solving any job disruptions, to remedy the problems, is to retrain workers who lose jobs, or substitute new production for the obsolete in industry.
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