We Don't Like Protectionism
https://www.cnbc.com/2018/04/19/brazil-finance-minister-we-dont-like-protectionism.html
This article was about Brazil's finance minister, and his outlook on trade in Brazil and the rest of the world. He believes that there should be open trade, and countries shouldn't have to fear tariffs. He believes that open trade is a quick and efficient way to growth and long-term success in an economy. What are your thoughts?
For me, I believe there should be open trade. With free and truly open trade amongst nations, consumers will benefit with increased competition and lower prices. This should boost consumption, and overall output in the economy. It would be nice to less trade threats between countries like the US and China, and instead revert to a way that incentives countries to freely trade with each other.
2 comments:
Not that I necessarily agree with these following points but rather to play devil's advocate... A con of free trade may be reduced tax revenue as many smaller countries struggle to replace revenue lost from import tariffs and fees. Another con may be destructive of native cultures as development moves into isolated areas, indigenous cultures can be destroyed and locals may be uprooted... just to name a couple
I agree, free trade is the best possible way to boost economies. The reason some nations do not like free trade is because they cannot compete at the price level of another firm in a foreign country. However, a company selling at lower prices and turning a profit is a sign of efficiency which is overall good for the world economy.
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