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 …
Milton Friedman once said that “there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.” For most people in the world, this is a convincing argument. Not, however, for the Peronists who have dominated Argentina’s politics for the past 70 years. Ranked 138th out of 179 countries in The Heritage Foundation’s 2011 Index of Economic Freedom, Argentina’s economy continues to head in the wrong direction. The government’s …
Is open trade and investment good for China but bad for the U.S.? The Heritage Foundation’s China Global Investment Tracker has just been updated. Through June 30, it shows over $60 billion in Chinese investment in Latin America. This worries some people. They think that China is gaining economic benefits and cementing strategic ties in our backyard. At the same time, the U.S. has had a clear and powerful opportunity for years to expand our own links to the region through free trade agreements (FTAs) with Colombia and Panama. Those …
On the way to a defense ministerial in Bolivia, Secretary of Defense Robert Gates was asked about Iran’s growing presence in South America, particularly in Bolivia and Venezuela. He answered most cautiously: Bolivia, obviously, can have relationships with any country in the world that it wishes to. … But I think Bolivia needs to be mindful of the number of United Nations Security Council resolutions that have been passed with respect to Iran’s behavior. Gates said exactly what Secretary of State Hillary Clinton said last year. Nevertheless, at the defense …
In a retaliatory response to the U.S. government’s unwillingness to eliminate domestic cotton subsidies, Brazil has announced higher tariffs on over 100 American goods ranging from cars to ketchup. Trade issues are central to the bilateral relationship between Brazil and the United States. Brazil is an attractive export destination for U.S. manufacturing, parts and capital equipment sectors. The United States has been the largest source of Brazil’s imports in these sectors, with the U.S. producers responsible for about a 15 percent share. The already thriving Brazilian market for U.S. exports has great …
Less than two months after the January 12 earthquake in Haiti, another Hemispheric neighbor has fallen victim to the ravages of nature. The earthquake that struck Chile in the early hours of February 27 measured 8.8 on the Richter scale and was one of the most powerful quakes in a century. Again as they did in response to the massive Haiti earthquake, the American people stand with President Barack Obama in expressing condolences and in offering support to the Chilean people in face of such a horrific natural disaster. Chile …
This past Sunday marked an important anniversary for the American economy. On November 22, 2006, the United States and Colombia signed the U.S.-Colombia Trade Promotion Agreement. This agreement would immediately eliminate tariffs on U.S. exports to this important trading partner – creating billions in revenue for U.S. businesses and new jobs here in America. Unfortunately, it is an anniversary marked by missed opportunities. Instead of implementing this agreement when it was sent to Congress more than 18 months ago, Speaker Pelosi opted to block its consideration indefinitely. Passage of this …
