“It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy . . . . If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage.”
-Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776
IPI believes the United States should aggressively pursue trade liberalization, which includes a willingness to lower our own trade barriers even when other countries do not respond reciprocally. Ideally, those efforts include multilateral agreements, such as the Trans-Pacific Partnership, but bilateral agreements can also promote freer trade.
American consumers bear the brunt of the protectionist impulse through higher prices on consumer goods, and American workers are best served when liberalized trade policies facilitate the export of American products throughout the world. At a time when protectionist sentiments are growing, it is important to assert that the U.S. and its workers have nothing to fear from trade, and everything to gain.
Reduce Trade Deficit by Ending Crude Oil Export Ban
Removing the ban on U.S. crude oil exports is one sure way to dramatically lower the balance of trade deficit for years to come.
The Conservative Case For Free Trade And Agreements Like TPP
If the Trans-Pacific Partnership takes major strides in eliminating trade restrictions, that could be huge step forward for consumers and the economy.
Clinton's Opposition to Keystone XL Hurts Middle Class She Wants To Help
Hillary Clinton’s opposition to the Keystone XL pipeline not only hurts the economy and middle class, but also hinders energy security for both the U.S. and its allies. “Clinton’s opposition to the pipeline is inexplicable if you know the facts behind the issue," said IPI's Merrill Matthews, Ph.D.
Major Victory for U.S. Energy Security As House Committee Approves Crude Exports
Today the House Energy and Commerce Committee approved HR 702, a bipartisan bill eliminating the 1970’s-era export ban on crude oil, which would lead the way to lower energy prices, increased energy supply, and be a boost to U.S. security, but the White House has announced its opposition to the measure.
US Crude Exports Clear First Hurdle
A key House panel on Thursday approved legislation to end the 40-year federal ban on exports of US crude oil, and the bill is expected to win further approval in the House and Senate before being passed on to the White House.
Sugar Policy
When the maker of Oreo cookies announced it was moving one assembly line from Illinois to Mexico, it said the decision was the result of labor unions, not the price of sugar.
IPI Commends Congress For Passing Trade Promotion Authority
IPI commends the U.S. Senate and House of Representatives for finding a way to pass Trade Promotion Authority (TPA), a necessary step toward the successful negotiation of trade agreements such as the Trans Pacific Partnership (TPP) and the Transatlantic Trade & Investment Partnership (TTIP).
Coalition Letter to Congress in Support of TPA
TPA is a necessary step to get Congress moving on a long-stalled trade agenda.
Why Republicans Should Give Obama Trade Promotion Authority
Republicans don’t trust President Obama. Can’t fault them for that. But that distrust is driving many of them to oppose trade promotion authority (TPA) legislation, also known as “fast track.” That’s the wrong conclusion. If distrust is the issue, then Republicans should support TPA rather than oppose it.
Let's Defund Terrorism By Ending the Oil Export Ban
It won’t happen overnight, but if we want to defund terrorism, we should start by undermining extremists’ primary funding source: energy.
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