We live in a globally integrated world where parts are made in different countries and assembled in another one before coming here. Development of these global supply chains has kept our companies competitive, and with 95 percent of the world’s consumers beyond our borders, global competitiveness is essential to our survival.
Fortunately, this system has rules designed to keep trade fair. They don’t work perfectly, and it’s tempting to ignore them and act unilaterally, but in the long run we lose more than we gain as other countries retaliate against our goods and services and leave us at a disadvantage.
William Allan Reinsch frequently provides commentary on trade policy. To read more click here, here and here.
– William Alan Reinsch, Senior Adviser and Scholl Chair in International Business, Center for Strategic & International Studies (CSIS)