×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: freetrade

Free Trade Is More Than Trade

people shanking hands with the hands painted as the british and american flags
(Dreamstime)

By Thursday, 06 May 2021 10:16 AM Current | Bio | Archive

Lost in the desert that is now called public discourse regarding trade are the nontrade benefits of free trade arrangements.

Like so much that is polarized about American politics, the extreme camps dominate the public discourse. We have taken the complex universe of trade and attempted to box all positions into either "Free traders" or "Protectionists."

It is granted that extremists on both ends usually can be revealed easily since their positions on economics supersede the nation's needs. Free trade extremists, acolytes of the religion of globalization, would sacrifice national security interests for profit. At the other end of the spectrum, extreme protectionists would ensure that failing industries, that would eventually hurt the nation, continue under government largesse.

Often lost in this swamp is one of the principal benefits of actual free trade, which increases security and diplomatic power. The common-sense approach realizes that free trade, which is based on mutual benefit, secured against government corruption, predatory pricing and lending, dumping and over-regulation, is a net positive.

Needless to say, China engages in all of those harmful practices, making it the most flawed example of free trade on the planet.

One free trade agreement that would knit together economic, security, diplomatic and cultural alliance is the one between the U.S. and the U.K.

One of the potential positive outcomes of Brexit is to reignite the need for this economic union. What comes to mind is Winston Churchill's famous quote of 1940, "We must be united, we must be undaunted, we must be inflexible. Our qualities and deeds must burn and glow through the gloom of Europe until they become the veritable beacon of its salvation."

Many economists have focused on the failed attempt from 2013 to 2016 to create a Transatlantic Trade and Investment Partnership (T-TIP), which failed primarily due to the EU overregulation and protectionist practices in areas such as agriculture and automobiles.

Prior to Brexit, any free trade arrangement with Great Britain would have had to be under an EU umbrella. Prime Minister Boris Johnson was vilified by many on the U.S./U.K. leftwing for supporting Brexit, though few would trade the U.K.'s response to the COVID pandemic with that of the E.U.

As a result of Brexit, President  Donald Trump and Prime Minister Johnson engaged in five negotiation sessions which started on May 5, 2020, to hammer out a U.S./U.K. FTA.

The Trump administration envisioned the benefits of such an agreement to expand economic opportunities in all sectors, create better-paying jobs for Americans and eliminate tariffs and nontariff barriers between the two. In addition, the U.K. felt that such an agreement would enliven British GDP and consumer choice.

Although there are many more positives than negatives, there are hurdles to overcome. For example, British food standards that oppose particular GMOs, chemical, antibiotic and hormone use by U.S. producers are a clear issue on their side of the Atlantic, while Americans view the British National Health Service (NHS) effectively undercuts American pharmaceuticals through government support. There are also sticking points over digital service taxes. 

This U.S./U.K. FTA would join the world's first- and sixth-largest economies and promote military and defense sales and technology exchange when anti-Western adversaries are growing in strength. More importantly and beyond the scope of any economic calculation, such an FTA would strengthen the Anglo-American special relationship at a time when Churchill's dream of the destiny of the "English-speaking peoples" is needed more than ever.

It would fulfill the fifth clause of the 1940 Atlantic Charter between President Franklin Roosevelt and Prime Minister Churchill: "Fifth, they desire to bring about the fullest collaboration between all nations in the economic field with the object of securing, for all, improved labor standards, economic advancement and social security;".

This is not merely the concrete military and diplomatic link which is the strongest between two nations, perhaps in history, but a bond of history, law, culture, religion and society.

Such an agreement is the natural and organic outgrowth of the Anglosphere as the center of gravity of western democratic and Judeo-Christian values whose influence over democracy promotion, human rights, the rule of law, the free flow of goods, services and ideas are the very cornerstones needed for a bright 21st century.

Dr. Lamont Colucci has experience as a diplomat with the U.S. Dept. of State and is today a Full Professor of Politics and Government at Ripon College. Find out more at lamontcolucci.org. Read Dr. Lamont Colucci's Reports — More Here

© 2021 Newsmax. All rights reserved.


LamontColucci
Lost in the desert that is now called public discourse regarding trade are the nontrade benefits of free trade arrangements.
freetrade
742
2021-16-06
Thursday, 06 May 2021 10:16 AM
Newsmax Media, Inc.
More Articles
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved