Free Trade Essay - 672 Words

In an economic age in which speedy transactions of imports and exports are essential, is free trade a necessity for aiding worldwide economic development? At least John F. Kennedy thought so, he being the initiator of removing tariffs and other limitations on U.S. imports. His hypothesis was that by doing that, other nations would follow America’s example and leadership. However, that never happened because the other nations were more concerned with their own problems. Even today, the United States continues to support free trade, an example being NAFTA (North America Free Trade Agreement). The problem is that America’s generosity has caused the foreign industry to take over the U.S. marketplace. This unfortunately has resulted in high†¦show more content†¦It’s simply not feasible for the U.S. apparel industry to compete with the extremely low production costs in Third World countries. Also, another example of an industry hurt by free trade is the lumber industry. Even though our country possesses the largest supply of timber resources, the United States is the largest importer of wood products in the world. The reason: imported wood is less expensive, especially from Canada. Other examples of industries that have responded negatively to free trade are the U.S. textile, petrochemical, fishing, and auto industries. The temptation for consumers to buy cheaper foreign goods has only slowed production in U.S. industries and has caused unemployment levels to skyrocket. America needs to become less generous, more independent, and definitely more self-sufficient. Free trade policies need to be discontinued if that it is to be accomplished. The liberal viewpoint, however, is somewhat different. In a world of ever-increasing global economic interdependence, the United States should accept the responsibility of leadership towards the approaching 21st Century by promoting free trade. We need to do so in such a way that builds and matures the economies of other countries. As technology continues to advance in areas such as computers, medicine, and communication, we need to prioritize the spreading of these advancements across the world in hopes for reaching worldwide economic stability and unity. Free trade isShow MoreRelatedFree Trade And Trade Agreements1738 Words   |  7 Pages Introduction Free trade strikes when there are no obstructions placed in the way by governments to limit the drift of goods and services between trading nations. When there are barriers to trade, likes of tariffs and subsidies, its sole purpose is to shelter domestic producers from international competition and transmit, rather than create trade flows. 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