WTO Says "US Openness Fuels Solid Economic Growth"
Today, the World Trade Organization released its Trade Policy Review of the
United States. U.S. Trade Representative Rob Portman issued the following
statement on the report.
"The WTO's review affirms our belief that the United States prospers from
open markets. Our economic strength – 3.5% growth in GDP and 2 million new jobs last year
– is in part a
reflection of our low trade barriers. This is why, as the report recognized, the
U.S. economy has been the engine for global growth over the past decade. The
United States’ trade weighted average applied tariff is just 1.4%.
"We will continue to vigorously pursue tariff reductions and the removal of
non-tariff barriers because it will help generate global economic growth and
lift millions from poverty. That is why we are committed to trade liberalization
in the Doha Development Round. We will also continue to pursue FTAs because they
complement these multilateral efforts to bring down barriers.
"The report identifies that barriers to trade aren’t always economic
– at times they are
political. We are cognizant of the potential for protectionism in the U.S. and
we are actively communicating the real world benefits of trade at home. Economic
isolationism, though, is not just a phenomenon in the United States. We all must
fight the protectionist forces with the facts, which show that benefits from
trade are substantial."
For more information about the World Trade Organization Trade Policy Review: United States - Openness Fuels Solid Economic Growth