We're reminding the world that, yes, we all have serious problems. It is in all of our interests to preserve it, protect it, and strengthen it. We are reminding our trading partners that preserving individual freedom and restoring prosperity also requires free and fair trade in the marketplace. The United States took the lead after World War II in creating an international trading and financial system that limited governments' ability to disrupt free trade across borders. When governments get too involved in trade, economic costs increase and political disputes multiply.
Peace is threatened.
There are some who seem to believe that we should run up the American flag in defense of our markets. They would embrace protectionism again and insulate our markets from world competition. Well, the last time the United States tried that, there was enormous economic distress in the world. I'm old enough and, hopefully, wise enough not to forget the lessons of those unhappy years. The world must never live through such a nightmare again.