More important, some have blamed overseas competition for the job losses associated with the economic slowdown earlier in this decade. Without solid public support for free trade, achieving continued progress in reducing protectionist barriers, both at home and abroad, may become more difficult.
In the remainder of my remarks, I’d like to review the arguments for and against free trade, explore why it has been difficult to muster more widespread public support for this goal, and address some of the consequences of trade protection as it has been implemented in practice.