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3 Ways to Improve Trade Freedom During World Trade Month

In 1988, President Ronald Reagan described World Trade Week as “a truly appropriate time to remember the many benefits international trade has conferred" on our country. (Photo: Westend61/Getty Images)

Since 1948, the U.S. annually has celebrated World Trade Month and World Trade Week in May.

In 1988, President Ronald Reagan described World Trade Week as “a truly appropriate time to remember the many benefits international trade has conferred on our country and to reflect on the many blessings the spread of economic freedom has brought, and can bring, to people in every nation.”

Trade freedom is an essential component of the economic freedom Reagan mentioned and which The Heritage Foundation grades annually as part of its Index of Economic Freedom.

Trade freedom in the U.S. has been on the decline in recent years due in large part to costly tariffs imposed on imports during the Trump administration. In 2020, the U.S. score fell below 80 out of 100 (to “mostly free”) for the first time since 2005.

Prior to 2020, the freedom of Americans to exchange with the world consistently received a grade near 87 (the “free” category).

With World Trade Week taking place May 16 to 22, now is the perfect time to reverse the current trade freedom trend for American families and businesses.

Here are three practical ways that Congress could eliminate costly tariffs that Americans are currently paying:

For more than 25 years, Heritage’s Index of Economic Freedom has shown that individuals in countries with higher levels of trade freedom are more prosperous. When tariffs are eliminated, Americans enjoy greater choice and affordability, and American businesses are more competitive at home and abroad.

Congress should take World Trade Month and World Trade Week as a mandate to eliminate those barriers today.

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