Stephen Creskoff

International Trade Consultant, Author and Speaker

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Trade Myth #1 Debunked by Steve Creskoff

06/19/2016 by Stephen Creskoff

Trade Myth 1:

The U.S. has opened itself up to trade from other countries more than any other advanced economy. This is hurting the middle class and factory workers. (Politicians such as Bernie Sanders and Donald Trump frequently make this claim.)

Facts

International trade in goods is less important to the United States than any other advanced economy. In 2014, merchandise trade amounted to a little more than 23% of GDP. This compares to 45% for China, 175% for Belgium and 263% for Singapore. Moreover, the middle class and factory workers are helped, not hurt, by international trade. Consumers frequently pay less for imported goods and can choose from a much greater variety of products.  Workers in internationally competitive industries, such as aircraft manufacturing, pharmaceuticals, agriculture, and information technologies, benefit from increased sales to consumers in foreign markets. Workers in “rust belt” industries using old technologies (basic steel products, textiles and garments) are losing their jobs mainly because of automation and other new technologies, not trade.

6/2/16

Filed Under: Trade Blog, Trade Myths

Speaking Events

“The Benefits of Trade Facilitation and the WTO’s Agreement on Trade Facilitation”

International Law Institute
Washington, D.C.
December 5, 2018

“U.S. Trade Policy and Future Trade Trends”

U.S. Department of State, International Visitor Leadership Program
Washington, DC
June 26, 2018

"Proposed Reorganization of US Customs and Border Protection"

American Bar Association, International Law Section
New York , NY
April 20, 2018

“Detecting Smuggling”

Talks for a delegation of China Customs officials
George Mason University
Arlington, Virginia
March 19-20, 2018

“Reshoring and Promoting Domestic Manufacturing” and "Products Liability”

Talks for a delegation from Gansu Province, China
George Mason University
Arlington, VA
December 4, 2017

Growing You Business Globally Symposium - UPS

WHYY Radio Station
Philadelphia, Penna.
October 26, 2017

U.S. and China’s Legal Regimes Compared for Shanghai Municipal Officials

George Mason University
Arlington, VA
September 21, 2017

Roundtable on Sino-U.S. Trade Relations

University of International Business and Economics
Beijing, China
August 5, 2017

Global Supply Chains and Trump’s Trade Policy

University of International Business and Economics
Beijing, China
August 4, 2017