John Snow on Free Trade Treasury Secretary (Pres. Bush Cabinet)

Multilateral trade liberalization is a global tax cut

Multilateral trade liberalization is a global tax cut for all consumers and exporters and an engine for growth, in association with sound macroeconomic and structural policies. The IMF and World Bank estimate that the static global welfare gains from eliminating barriers to merchandise trade alone are broadly in the range of $250 billion to $550 billion per year.

Even as we ponder the next steps in the WTO, the US continues to press an aggressive trade agenda to open markets regionally and bilaterally with willing partners. By moving forward on multiple fronts, we can exert leverage for openness and create a new competition for trade liberalization