• Heritage Action
  • More

The Benefits of Free Trade in the US

Created on April 15, 2013

The Benefits of Free Trade in the US

As America has removed its trade barriers, two-way trade has made increasing contributions to the U.S. economy, which has fueled America’s prosperity.

GDP PER CAPITA (REAL DOLLARS)

TOTAL TRADE AS A PERCENTAGE OF GDP

AVERAGE TARIFF RATE ON TOTAL IMPORTS

CHART 1

Sources: U.S. Department of Commerce, Bureau of Economic Analysis, “National Income and Product Accounts Table,” http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=1&isuri=1 (accessed April 12, 2013); White House, “Economic Report of the President,” February 2013, Table B-34, http://www.gpo.gov/fdsys/pkg/ERP-2013/pdf/ERP-2013- table34.pdf (accessed April 12, 2013); and U.S. International Trade Commission, Interactive Tariff and Trade DataWeb, http://dataweb.usitc.gov/scripts/user_set.asp (accessed April 12, 2013).

IB 3912

heritage.org