Office for National Statistics
The Economic Benefits of US Trade
Report

The Economic Benefits of US Trade

Executive Office of the President of the United States
US Government, 2015
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Editorial Rating

8

Qualities

  • Innovative

Recommendation

Globalization is good – good for America and the world – but it could be a whole lot better, according to this study from the Executive Office of the President. The Obama administration has plotted a course for global trade that it says will help American exports, support well-paying US jobs and throw a lifeline to the nation’s middle class. But as negotiations progress on two high-profile and often contentious treaties covering the Pacific and Atlantic regions, opposition to free trade builds in the United States and elsewhere. This well-researched report, while it cherry-picks the benefits and largely ignores the potential pitfalls, nevertheless stands as an essential primer for understanding the pro-trade viewpoint. While always politically neutral, getAbstract recommends this overview to policy makers, investment managers, executives and NGO leaders.

Summary

New Trade Policies

In 2015, the United States had 14 free trade agreements with a total of 20 partner countries. Thus the US economy already hugely benefits from free trade. However, more advantages are possible. In 2015, the US was among the countries that are most open to trade. At the same time, US exporters faced tariff barriers averaging 6.8% – along with other protectionist taxes and nontariff barriers – when seeking to sell American goods and services to the rest of the world. The Obama Administration’s 2015 enhanced trade policies aspire to establish a new era of wider benefits to the overall US economy and its trading partners. The policies’ goals are to:

  • Raise productivity and the number of higher paying jobs, especially in the export sector.
  • Give consumers a wider variety of products at lower prices.
  • Encourage foreign direct investment and boost the economy.
  • Improve labor standards; promote better management of the environment; and champion gender, racial and ethnic equality in partner countries.
  • Advance strategic and geopolitical interests.

Why New Trade Agreements Are Good Public Policy

Ten reasons...

About the Author

The Executive Office of the President supports the administration in advancing US trade interests, among other critical governance responsibilities.

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