US and Global Trade: Economic Fact and Political Fiction

Proponents of more open trade may have oversold its benefits during the 1990s heyday of commercial liberalization. Now they are reaping some consequences as anti-trade rhetoric vastly exaggerates its costs, with an impressive amount of political traction. Take the United Kingdom’s exit from the European Union, which has sent shockwaves through global policymaking circles and financial markets. A key message of the successful Leave campaign was the wrongheaded notion that an influx of immigrants

Source: Peterson Institute (PIIE)