Crs Report for Congress: Trade, Trade Barriers, and Trade Deficits

ISBN-10: 1294023594
ISBN-13: 9781294023593
Series: Crs Report for Congress
Pages: 22
Language: English
Published: 2013-10
Publisher: BiblioGov
Authors: Congressional Research Service: The Libr, Craig K. Elwell

Description

This report provides an overview of the economics of international trade that may be helpful for consideration of many recurring international economic policy issues. It is intended as a general explanation of mainstream economic principles that may be considered in gauging the economic significance of trade issues as well as the trade-offs inherent in many policy choices. A fundamental tenet of economics is that international trade is a means to a higher standard of living for all trading nations. The post-war era has seen a rapid expansion of trade and the United States has been a major participant in this process both as a trading nation and as a leader in the steady lowering of barriers to trade worldwide. The significant benefit of trade does not come without disruption and cost, however. Gaining the benefit of trade and also treating equitably those hurt by trade is often a difficult public policy issue. There is recurring congressional concern about the effect of trade on U.S. economic welfare. Current issues include: bilateral and multilateral trade liberalization initiatives, steel dumping, export controls, and the rapidly growing trade deficit. This report provides a brief overview of the economic arguments for free trade, common arguments ...