“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.
If the Trade Deal Fails Blame President Obama and His Legacy of Mistrust
President Obama's Trans Pacific Partnership agreement and Trade Promotion Authority legislation are in trouble, but it's less because of the merits of TPP and TPA and more because he can't be trusted to live by his promises.
Giovanetti: Fast Track Authority for Trade Agreement Good News for U.S. Economy
It’s good news that there appears to be an agreement among Senate leaders for Congress to pursue fast track trade promotion authority, which would revitalize trade negotiations such as the Trans Pacific Partnership (TPP) and other agreements.
A Conservative Defense of Opening Relations with Cuba
Embracing Cuba and its people is not endorsing the Castros and their five-decade reign of death and repression. It’s just a good first step on a long road to a freer and prosperous Cuba.
How Obama Props Up Venezuela's Dictator and His Political Mischief
Venezuela would likely be facing imminent financial collapse if it weren’t for President Obama’s opposition to the Keystone XL pipeline.
International
Those who oppose intellectual property rules in FTAs mostly base their rejection on a fundamental opposition to IP rights protections, rather than to the particulars of trade deals, wrote IPI's Tom Giovanetti.
Report: Clearly in U.S. Interests to Include Intellectual Property Protection in FTAs
Intellectual property (IP) goods not only dominate U.S. exports and support a significant portion of the U.S. domestic economy, but IP protections also strengthen economic growth in countries around the world. A new paper says it is therefore crucial for the U.S. government to prioritize policies supporting innovation and creativity, especially in trade agreements.
Why Intellectual Property Should Be Included In Trade Agreements
IP goods are the largest share of U.S. exports and support a significant portion of the U.S. economy. The U.S. economy is increasingly dependent on the products of innovation, so policies that support innovation and creativity should be priorities for the U.S. government, especially in trade agreements. And nudging our trading partners toward greater respect for intellectual property rights also turns out to be in their best interests.
New Studies Set Sights On Trade Equity
As tensions escalate in hotspots around the globe, libertarians rightly remind us that it is trade, the freest trade, that brings peace and prosperity between global adversaries.
U.S. Manufacturing Making a Comeback
Manufacturing has been growing stronger thanks to the U.S. energy boom and a steady supply of inexpensive natural gas.
More Failed Votes Won't Fix America's Crony Sugar Market
Unilateral disarmament in America is rightly a non-starter in Congress, and if it’s a free market that we really want, zero-for-zero is the most achievable path forward.
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