International Trade Makes Economies Resilient
The global trading system is increasingly under pressure as it weathers disruptions stemming from the ongoing pandemic, trade disputes, and Russia’s invasion of Ukraine. The U.S. approach to trade is also being questioned by some politicians and interest groups who deem international trade harmful to American workers.
In the wake of the World Trade Organization’s (WTO) 12th Ministerial Conference, it is important to recognize that while these shocks and frustrations illustrate real challenges facing global commerce, trade liberalization has delivered huge benefits to workers, industry, and consumers that should not be overlooked.
The resilience provided by international trade networks has proven especially important in recent years, as WTO leaders have suggested.
Consider how “offshoring” was blamed for shortages of personal protective equipment (PPE) early in the pandemic. In fact, U.S. production…