Removing barriers to imports makes goods and services less expensive for U.S. consumers and operates as a tax cut for American families.

• When the World Trade Organization (WTO) agreement is fully implemented in 2005, the annual effect will be an increase of $1,500–$3,000 in purchasing power for the average American family of four.
• The successful completion of the current WTO trade negotiations could translate into an additional $2,000 of purchasing power for an average family of four.
• Imports of goods and services help to keep inflation down. Lower inflation means low interest rates, which is a real benefit for consumers, homebuyers and businesses seeking to finance growth.

Trade liberalization allows Americans to shop the world for the best prices and highest-quality goods.

• Trade provides U.S. consumers with access to a wider variety of goods at reasonable prices, including items not produced domestically.
• Liberalized trade brings competition to the marketplace, helping to keep consumer prices down and quality high. From automobiles and electronics to clothing and foodstuffs, an open trade policy gives American consumers their choice of the best and most competitively priced products in the world. Low-cost consumer goods particularly benefit low-income Americans who can least afford rising prices.
• Capacity for innovation is the single most important factor determining a country’s rate of economic growth. Liberalized trade and open markets accelerate innovation by intensifying competitive pressures to come up with new products and new ways of doing business and by providing companies and workers access to new products and production methods.