Tracking U.S. trade agreements since 2010, the report suggests the U.S. has taken an observer-status on… Read More...
As a leading trading nation and the world’s largest economy, since the mid-20th century, the U.S. has consistently pursued opportunities to expand trade contributing to national economic prosperity and promoting economic development and peace abroad. In an increasingly interconnected global economy, with other major trading nations securing trade liberalization to promote economic prosperity and competitiveness, a U.S. trade policy to pursue further reductions in global trade barriers remains vital.
Unfortunately, the U.S. has fallen into an observer role when it comes to trade agreements allowing our trade rivals to define the path of global trade rules, standards, and practices.
Since 2010, several leading trading nations have overtaken U.S. leadership in setting the terms of global trade by entering into new free trade agreements.
In comparison, the U.S., #3 in international trade, has concluded just four trade agreements, the most significant of which was the USMCA, a “modernization” of the 25-year-old predecessor, the North American Free Trade Agreement (NAFTA). The other U.S. trade agreements are with Colombia, Peru, and South Korea.
Several key U.S. trade partners are outpacing the U.S. in the level of trade benefitting from lower tariffs and reductions in non-tariff barriers contained in formal trade agreements.
In the vast majority of the trade agreements, existing tariffs for 98-99% of traded goods between the trade partners are eliminated immediately or reduced to zero within ten years.
Read CRA’s full analysis of the trade landscape in the report “Trade Agreements and U.S. Competitiveness.”