The Benefits of Free Trade

1266 WordsJun 22, 20186 Pages
”Free trade policies have created a level of competition in today's open market that engenders continual innovation and leads to better products, better-paying jobs, new markets, and increased savings and investment” (Denise Froning). Though Free trade plays a huge role in the economy today because of what and where it is used. Free trade allows for traders to trade across national boundaries and other countries without government interference. Meaning that traders have very few regulations that allow for them to do this without the government intervening. Free trade makes things for traders much easier and also allows for many more jobs in the US, such as exporting jobs, or jobs in the auto industry and plants. Though there are many…show more content…
“The deal, which was praised by both Democrats and Republicans, would allow the U.S. to keep its 2.5 percent tariff on South Korean cars for five years instead of lifting the tariff sooner, as the Koreans initially wanted. And each U.S. automaker could export 25,000 cars to the Asian country.”(Sean Lengell article) Recently Obama has been talking with South Korea about a free trade agreement. In this agreement it is likely to result in very few if any net jobs in the short run, according to the government. Although, “praising the deal reached by his trade negotiators, President Obama said on Monday that the accord would “boost our annual exports to South Korea by 11 billion” and “support at least 70,000 American jobs” (New York times). This deal will be very beneficial to industries including Detroit automakers and manufacturers of industrial and electronic equipment and high technology products. This type of deal would not only help out economy but provide many jobs for a lot of people out there looking for jobs. It would boost our economy and help out financially for those of low income. Many economists today argue that the fewer tariffs and barriers there are to foreign trade, the better everyone fares. That view underlies the agreements that the United States and 152 other countries have made as members of the World Trade Organization (WTO). Among other
Open Document