Trade Issues | |
U.S. Practices Trade Protection |
Protectionists say the U.S. naively practices free trade with no restraint while other countries protect their domestic industries to maintain jobs and incomes. The result is massive U.S. trade deficits. However, the U.S. is far more protectionist than free trade opponents believe. For instance, a new report from the European Union (EU) identifies U.S. barriers to European exports:
A 1994 study by the Institute for International Economics estimates consumers would have gained $70 billion from the elimination of all tariffs and import quotas in 1990. This figure would be roughly $110 billion today. Unfortunately, almost all the political pressure today is to expand U.S. protection. In a recent book, "Globaphobia: Confronting Fears About Open Trade," economists from the liberal Brookings Institution point out that restricting imports ultimately reduces the competitiveness of export industries, diverts attention away from better policies to aid workers and businesses pressured by imports, and invites increased protection by trading partners. Source: Bruce Bartlett, senior fellow, National Center for Policy Analysis, December 9, 1998. For text http://www.ncpa.org/oped/bartlett.html For more on Tariffs and Other Trade Barriers http://www.ncpa.org/pd/trade/trade8.html |