Jan 04, 2019
The WTO and Reducing Trade Barriers
Post by Freedom Partners
America is one of the most pro-trade countries in the world. We generally levy low tariffs on imports from our trading partners.
“Meanwhile, a lot of countries impose more tariffs on us than we do on them,” says economist Dan Mitchell in a new Freedom Partners video, The WTO and Reducing Trade Barriers.
“So, how do we level the playing field?” Mitchell asks.
We know that imposing tariffs on other countries is not the right way to go. That strategy levies enormous costs on American consumers, workers and businesses, as shown by numerous news reports from across the U.S.
A more effective strategy is tackling trade barriers through the World Trade Organization, a body that, according to Mitchell, for more than two decades has helped to drive down tariffs worldwide. Through our international trade agreements and the WTO, we benefit from freer trade without the economic pain inflicted by tariffs.
“The WTO largely serves U.S. interests. We should use it to our advantage,” Mitchell says. “Not attack it.”