Defending NAFTA
Commerce Secretary Carlos Gutierrez defends NAFTA in yesterday's Washington Post. He adds this bit of advice:
There was a time in our nation's history when we sought to protect Americans by withdrawing from the world. In reaction to increasing agricultural imports, our government raised tariffs to historically high levels. We tried to protect jobs. But instead of the prosperity Americans expected, our unemployment rate increased to 25 percent and international trade dropped 66 percent. Protectionism was the wrong approach during the Great Depression, and it's still wrong in 2008.
Isolationism is not an option in the global economy of the 21st century. America is at its best when it is competing openly. Our economic prosperity depends on being able to compete. The three free-trade agreements awaiting approval by Congress, with Colombia, Panama and South Korea, would be a step in the right direction and would boost U.S. exports.
