“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.
A Fundamental Argument About Free Trade
Interesting argument on the fundamentals of trade policy, comparative advantage, etc. at the Law & Liberty blog.
What Donald Trump Can Learn from Switzerland
The Swiss understand that eliminating tariffs helps consumers and the economy. Donald Trump hasn't learned that lesson.
Donald Trump (aka 'Tariff Man') Wants to Increase Your Taxes
For some strange reason Donald Trump is campaigning on a big tax increase—rather than a tax cut, like he proposed in 2016—to help him win the White House.
Friendshoring: Both National Security and Economic Efficiency Matter
“Friend-shoring” need not be a violation of global liberalized trade so long as it results in a short list of countries we avoid trading with rather than a short list of countries we agree to trade with.
Tariffs: The Most Insidious Tax of All
Trump's tariffs, which Biden has retained, have cost Americans—not other countries—billions of dollars.
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.
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