Trade spurs growth in overseas markets for U.S. goods and services, enhances opportunities for higher-paying American jobs, expands choices for American consumers, and promotes U.S. security interests.
Trade agreements like the North American Free Trade Agreement (NAFTA) with Mexico and Canada and the Uruguay Round global trade agreement have generated benefits -- lower prices and more choices -- totaling $1,300-$2,000 annually for the typical U.S. family.
Economists say that lowering barriers to trade by even one-third will boost the world economy by as much as $613 billion -- and the U.S. economy by $177 billion a year. To the typical family of four, that means an additional $2,500 a year in savings. (January 2001 study by University of Michigan and Tufts University)
Trade is good for America's farmers and ranchers.
1-in-3 U.S. farm acres is planted for export.
In 2001, American farmers exported $55 billion in agricultural products and crops.
Trade is good for America's small businesses.
Small business is the backbone of our nation's economy, creating 3 out of every 4 jobs and generating roughly half of the U.S. private gross domestic product.
97% of America's exporters are small businesses.
To stay at the forefront of innovation, U.S. small businesses need access to foreign markets.
Trade is good for American global leadership.
Trade spreads American values and reinforces the habits of liberty that sustain democracy.
Trade promotes growth and creates stronger partners for regional stability.
Trade has been a powerful force for overcoming poverty and for promoting sustainable development.