To meet these goals, we will need to build more public support for opening markets, at home and abroad. We need to be more forthright in spelling out the benefits of trade. And not just the economic benefits, but also explaining how trade is intertwined with security, political cooperation, and the spread of democratic values. Some say that we must be cautious about pressing for free trade because of slower economic growth. I say that the most important time to show support for free trade is during periods of economic uncertainty.
Protectionism only depresses investor confidence and prolongs sluggishness.
In the United States, exports accounted for over one- quarter of our economic growth over the last decade and support an estimated 12 million jobs. For the European Union as a whole, exports accounted for an estimated 45 percent of economic growth during the 1990s. When trade is restricted, hard-working families are forced to devote a larger portion of their paychecks to more expensive food, clothing, and appliances. Trade protection is a hidden tax on every consumer. Trade is also essential for economic growth in developing nations.