Key Facts
Economic Effects of Free trade and New Technology
Economic effects of trade are remarkably similar to what happens when a new technology is invented. In both cases the positive effect is that goods and services in the relevant industry get better and more affordable for everyone, and new jobs are created to complement newfound opportunities.
Trade Restrictions
Some people support trade restrictions because they believe tariffs and quotas protect American jobs. However, trade restrictions lead to fewer economic opportunities.
Free Trade
Freer trade leads to more innovation and economic opportunities.
Trade Barriers
The next time someone proposes trade barriers, imagine instead that they had proposed outlawing a new invention.