Issue Brief posted May 11, 2015
Congress Should Recognize the Dynamic Benefits of Imports
Advocates of free trade agreements often assert that trade is beneficial because it gives American businesses better access to the world’s consumers, 95 percent of whom live outside the United States. While this claim is a fact, the argument centers on the regrettable fixation over the benefits of exports. This mercantilist view often discounts or even completely ignores…
Issue Brief posted April 27, 2015
Congress Should Swap Tariff Refunds for Long-Term GSP Reauthorization
On April 22 and 23, the Senate Finance and House Ways and Means Committees approved legislation to renew the Generalized System of Preferences (GSP), a trade program that removes tariffs on nearly 5,000 products from 126 developing countries.
This is the second time in the 20 months since the program’s expiration that Congress will consider a bill to renew GSP. The…
Issue Brief posted April 9, 2015
What Big Labor Gets Wrong on Trade
Congressional debate over trade promotion authority and the ongoing negotiation of the Trans-Pacific Partnership has raised the profile of trade policy in recent weeks. In their zeal to block action, some critics of free trade have been encouraging common misperceptions with arguments that are patently false and ignore some of the most basic accepted principles of…
Issue Brief posted February 26, 2015
Time to Renew and Enhance the African Growth and Opportunity Act
The African Growth and Opportunity Act (AGOA) is at a critical juncture for America’s economic engagement with Africa. The current AGOA is set to expire on September 30, 2015. Although both Congress and the Obama Administration have repeatedly expressed their intention for a “seamless” renewal, they need to act quickly and decisively to ensure that uncertainty does not…
Special Report posted February 4, 2015
Trade and Prosperity in the States: The Case of Florida
Hundreds of thousands of Floridians owe their jobs to international trade and investment. The benefits of international commerce are reflected in the voting record of the state’s congressional delegation, which overwhelmingly supported free trade agreements (FTAs) with Colombia, Panama, and South Korea in 2011.
However, the state’s elected representatives have not always…
Issue Brief posted January 23, 2015
Needed: A Congressional Mandate for Economic Freedom
Congress will soon consider giving trade promotion authority (TPA) to the executive branch for several years, starting with hearings by the Senate Finance and House Ways and Means Committees on January 27. TPA establishes expedited congressional procedures for handling trade agreements negotiated under its directives.
Some legislators who might otherwise be inclined to…
Backgrounder posted November 20, 2014
The IMF’s Analysis of the U.S. Economy: Faulty Assumptions and Bad Policy Advice
The International Monetary Fund’s (IMF’s) 66-page report on its 2014 consultation with the U.S., pursuant to Article IV of the IMF’s Articles of Agreement, repeats a number of long-standing, orthodox, and desirable policy recommendations that urge the U.S. to confront its many long-term fiscal and monetary challenges. This year’s report also contains an unprecedented…