Why the Trump trade deal with China is good for free trade
Peter Morici - a local economist and professor explains what the Trump - China phase 1 trade deal is good for free trade.
Read the article at the link.President Trump’s Phase One trade deal may save the World Trade Organization from breakdown and takes international commerce to a better place in a world divided between democratic market and autocratic state-directed economies.
Free trade is a simple but compelling idea — at least at universities, where students are taught David Ricardo’s example of England and Portugal exchanging wine and cloth.
American export industries are more R&D-intensive and at least 10 percent more productive than import-competing industries. The United States exporting $2.5 trillion and importing a like amount would raise GDP by some $275 billion — if trade were balanced and workers displaced by imports found other work.