McCain is Right on Free Trade
McCain is Right on Free Trade
Washington – The Club for Growth commends Senator John McCain for calling for a new free trade agreement with the European Union.
Currently, the United States and the European Union have low tariffs on most manufactured goods traded between the two entities. Even with these tariffs in place, U.S. trade with the EU accounts for the largest bilateral trade relationship in the world. These tariffs, though, function like a tax on goods and services at the international level. Tariffs penalize American and European consumers for engaging in business with their transatlantic partner and serve as a disincentive for commerce. Removing these tariffs would be a huge boon for economic growth for all countries involved.
Just as the American economy has benefited from increased commerce with Canada and Mexico following NAFTA’s passage in 1993, an agreement with the European Union would produce similar economic benefits. With the American economy on the verge of a recession, opening up the country’s doors to more commerce around the globe is exactly what is needed right now.
“In an increasingly protectionist and demagogic atmosphere, it is encouraging to hear a voice of sanity on this issue,” said Club for Growth President Pat Toomey. “The Democratic Party, led by Barack Obama and Hillary Clinton, are determined to isolate America from the global marketplace with calls for renegotiating NAFTA and a freeze on future free trade agreements. But the protectionist utopia Clinton and Obama are selling is a dangerous nostrum with the potential to do much damage to the U.S. economy. We commend Senator McCain for standing up for free trade and the prosperity that comes from it.”
Posted at Press Release at 4:29 PM | TrackBack
