by Bryan Riley
The Heritage Foundation
January 28, 2014
Earlier this year, legislation was introduced to give President Obama Trade Promotion Authority (TPA) that would put new trade agreements on the fast track to congressional consideration. Under TPA, the President could negotiate agreements with other countries that would then be submitted to Congress for an up-or-down vote with no amendments. Many who have commented on this proposed legislation, officially titled the Bipartisan Congressional Trade Priorities Act of 2014, appear to have only a limited understanding of the benefits of trade, focusing primarily on liberalizing other countries’ laws to boost U.S. exports. This is well and good, but it ignores the massive benefits that accrue to U.S. businesses and consumers when the U.S. liberalizes its own laws, lowering prices here and boosting manufacturing efficiency.

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