Several studies have estimated the economic effects of the Uruguay Round Agreement on the United States. Most estimates suggest small, but positive effects. U.S. GDP is expected to increase by about one percent when the Agreement is fully implemented. Arguably, however, the economic benefits will be considerably greater, since the studies do not adequately measure the elimination of nontariff barriers and gains from economies of scale and enhanced investment and competition. At the same time, the Uruguay Round Agreement, like any international trade agreement, involves adjustment costs.
Some workers lose jobs, while other workers gain jobs.
Although there is no overall increase in unemployment, the adjustment may be painful for those workers losing jobs. Alan v. Deardorff. Economic Effects of Quota and Tariff Reductions. Susan M. Collins and Barry P. Bosworth, eds. Washington, D.C., The Brookings Institution.