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Markets and Economy

The Global Benefits of Free Trade

Commercial Banking Head Economist Jim Glassman discusses how the trade deficit is a natural side effect of the world’s living standards being out of balance. Ultimately, international trade benefits not only emerging economies rising out of poverty, but also the US and other developed economies.
JIM GLASSMAN, HEAD ECONOMIST, COMMERCIAL BANKING
August 1, 2018

 

The trade deficit is a natural side effect of the world’s living standards being out of balance. As global living standards accelerate—particularly in Asia, where half the world’s population lives and works—international economies are rising out of poverty, growing their middle class and expanding consumer markets for goods and services. As lower-skilled jobs are outsourced to other countries, workers in the US are able to focus on areas in which they excel—like financial services and education. As developing nations join the world trading community, developed economies like the United States stand to benefit as their businesses find new markets.

 

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