Trade for the US is a way of creating a new opportunity for the usage of advanced technology, higher-paying jobs for Americans as well as for America’s trading partners. If the US attempts to restrict trade in order to “protect” existing jobs then it will be nothing different than attempting to ban the use of new technology.
US Trade Policy
The benefits of exports are understandable for everyone, but imports from America’s trading partners also are benefitting the American nation. Trade has given consumers greater purchasing power, as it allows them to buy a wider variety of goods at lower prices. Another benefit of Imports is that the half of domestic manufacturing sector of US uses the capital goods and intermediate products, such as steel for carmakers and lumber for builders, from other countries which are like the lifeblood of U.S. manufacturing.
Other agendas of trade often suggest that “trade deficit” for the US means that dollars are being drained from the U.S. economy. This could occur due to unfair foreign trade practices. However, all financial transactions, including job-creating foreign investment can contribute to lower this trade deficit.
It is important for the US to continue the lower tariff rates because the continuing trend is going to benefit their own economy.