President Obama and President of the Republic of Georgia Mikheil Saakashvili recently announced that the two countries should start free-trade negotiations. Let’s hope both presidents are serious. Presidents Obama and Saakashvili should instruct the appropriate government agencies to expedite preparation of the agreement. The most recentU.S.trade agreements, with Colombia, Panama, and South Korea, each took more than five years to get from inception to implementation. This deal could get done in a fraction of that time. Both countries are already relatively open to international trade and investment, and the volume …
Toyota recently announced it will begin exporting U.S.-built Camry cars and Sienna minivans to South Korea from plants located in Kentucky and Indiana. The cars will be shipped through the Port of Hueneme—ironically, one of the California ports that Occupy Wall Street protestors recently attempted to shut down. Some people may wonder why Toyota would ship U.S.-built cars 7,000 miles to South Korea instead of shipping Japanese-built cars 130 miles across the Korean Strait. One reason is the recently approved the South Korea–U.S. Free Trade Agreement (KORUS), which reduces South …
President Obama recently lectured Americans on economics during a campaign stop in Osawatomie, Kansas. The New York Times congratulated President Obama’s speech as a potent blow against market economics. Cal-Berkeley professor Robert Reich called it the most important speech of his presidency. The Kansas City Star gushed over his good policy and good politics. In reality, President Obama disastrously misdiagnosed the source of U.S. economic problems: Over the last few decades, huge advances in technology have allowed businesses to do more with less, and it’s made it easier for them …
Last week, in Merída, Mexico, the leaders of Chile, Mexico, Peru, and Colombia met to affirm their shared commitment to economic integration, growth, and competitiveness. You may not have heard of the summit. In fact, a Google search of recent U.S. news articles covering the meeting of the “Pacific Alliance” turns up only nine results. It seems that while the United States’ key partners in Latin America were meeting to discuss critical economic and trade issues, America failed to pay much attention. America’s disregard, however, makes little sense. With a …
Former Governor Jon Huntsman (R–UT) was at The Heritage Foundation this week answering policy questions. In his talk, he emphasized budget discipline, tax reform, and education. He also made a powerful argument for free trade, stressing that we have vastly underused our international options in helping address economic challenges. There are many such options. One of them is to promote free trade with our friendliest and most important partners. The U.S. currently has three contrasting approaches to trade. The first is protectionism, which advocates government interference to take choices away …
Senator Joe Lieberman (I-CT) visited Heritage this week to give the annual B.C. Lee lecture, focusing on the importance of American leadership in the Asia-Pacific region. After his speech, he sat down with us for a wide-ranging interview. When asked about President Obama’s handling of foreign policy, Lieberman described his performance as “mixed”: Because we were so focused after 9/11 on the threat of Islamic terrorism in the Middle East, I don’t think President [George W.] Bush got the credit he deserved for a dramatic improvement in our relationship with …
Make sure to catch our latest Heritage Libertad Radio Show, available in Spanish or English. We kick off the first 30 minutes of our hour-long broadcast with the Spanish segment. Topics include Obamacare, the economy, jobs, and a look at the recently signed Free Trade Agreements with Panama, Colombia and South Korea, with expert Jim Roberts. The last 30 minutes are devoted to the English segment. Topics include the economy, the administration’s recent decision to cancel the CLASS Act, and an interview with Family Research Council President, Tony Perkins. Be sure …
Some critics of free trade say that trade agreements just help the “rich” get richer while making the “poor” poorer, but in fact, free trade benefits everyone. Looking at data from The Heritage Foundation’s 2012 Index of Economic Freedom, Heritage’s Bryan Riley and Ambassador Terry Miller found that the benefits of free trade are far reaching. Their data demonstrate “a strong correlation between trade freedom and a variety of positive indicators, including economic prosperity, low poverty rates, and clean environments.” The chart below indicates that nations with more trade freedom …
Now that Congress has passed free trade agreements with Columbia, Panama and South Korea, it’s a good time to ask why the United States should support and expand free trade. The chart below shows that the benefits of free trade are hard to deny. Countries that have more trade freedom also enjoy stronger economies, less hunger, and better care of the environment. Opponents of free trade complain that it leads to “unfair” foreign competition and that it destroys jobs, but the truth is a much different story. “Countries with the …
Free trade agreements (FTAs) have economically benefited nations the world over since their inception. Poverty rates in countries with low trade barriers are significantly lower, and data in The Heritage Foundation’s Index of Economic Freedom demonstrate that free trade also leads to higher incomes, more jobs, and greater equality. That’s why it’s vitally important to quickly enact the three pending U.S. trade agreements with Colombia, Panama, and South Korea. These FTAs have been sitting on the President’s desk since 2007 for no good reason. President Obama has finally made them …
