“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.
Trump's Tariffs Swelled the Swamp
Trump's tariffs, which Biden has retained, have cost Americans—not other countries—billions of dollars.
Free Trade Theory Must Be Tempered by Trade Realism
A trade policy embracing free trade is the goal; but many of our trading partners engage in practices that force us to adjust that goal to fit reality.
Biden Could Lower Prices by Ending Trump's Tariffs
President Biden is desperately looking for ways to address his inflation problem by lowering prices. Eliminating most or all of President Trump's tariffs would be a good start.
Janet Yellen Wants to Raise Corporate Tax Rates--on the World
Biden wants to raise the U.S. corporate tax rate AND establish a global corporate tax floor in order to discourage U.S. companies from fleeing to lower-tax countries.
The U.S. Trade Deficit Grew 'Big League' Under Trump
Donald Trump failed to reduce the U.S. trade deficit—because the economy was so good.
Biden Should Retain These Trump Policies to Keep America Great in 2021
There are at least four Trump initiatives that Biden should retain, which would help the country, both domestically and internationally.
Coalition Letter Opposing President Donald Trump's Recent "Most Favored Nation" Executive Order
In a coalition letter the signers urge President Trump to apply the same successful, deregulatory, market-based approach that he has championed in other policy areas to health care.
Joe Biden's 'Buy American or Else' Proposal
Democrats have long criticized President Trumps' economic policies, yet Joe Biden is now plagiarizing some of them—and making them worse.
The Changing Face of Trade
The U.S. post-war consensus on free trade is evaporating, and it's not clear what's replacing it.
Bring American Medical Manufacturing Back Home
Important legislation has been proposed that would encourage medical and pharmaceutical manufacturing to relocate to the U.S. by providing potent tax incentives instead of threats of government force.
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