A recent analysis of the effects of past trade liberalizations on the U.S. economy puts the gains to U.S. welfare at about 1/2 percent of GDP.5 A separate analysis of a hypothetical 33 percent reduction in trade barriers around the world suggests it would raise welfare by 1-1/2 percent of global GDP.6  3  Christian Broda and David E. Weinstein (2004), “Globalization and the Gains from Variety,” NBER Working Paper Series 10314 (Cambridge, Mass.
: National Bureau of Economic Research, February). 4  U.S. International Trade Commission (2004), The Economic Effects of Significant U.S. Import Restraints: Fourth Update, Investigation 332-325, Publication 3701 (Washington: ITC, June).