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Published on Monday, July 21, 2008
By Robert Krol
The U.S. exports and imports far more goods today then it did in the past, an expansion of trade that raises our standard of living, lowers prices and provides a greater variety of goods for consumers.
A recent survey by the Pew Research Foundation found that 59 percent of Americans have a favorable view of international trade.
But when asked about their attitudes concerning the expansion of U.S. trade relations with the rest of the world, 36 percent thought it was "somewhat bad" or "very bad" in 2007 compared with 18 percent in 2002.
But economists say that if all trade barriers were eliminated globally, U.S. income would increase by about $500 billion.
This is because we would focus on producing goods and services that the U.S. is relatively proficient at making. Greater international competition lowers prices and provides a boost to our real incomes. Finally, more efficient businesses tend to expand in a global marketplace, increasing productivity
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