U.S. bilateral, regional, and multilateral trade agreements have had a small, positive effect on U.S. output, income, exports and imports, and employment, according to the U.S. International Trade Commission (USITC) report Economic Impact of Trade Agreements Implemented Under Trade Authorities Procedures, 2021 Report.
The USITC, an independent, nonpartisan factfinding federal agency, conducted the investigation pursuant to Section 105(f)(2) of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (19 U.S.C. § 4204(f)(2)). This is the second of two reports that are required by the statute.
As requested, the Commission's report assesses the economic impact on the United States of trade agreements for which Congress has enacted an implementing bill under trade authorities procedures since January 1, 1984.
Over time, U.S. trade agreements have expanded in depth and breadth. U.S. trade agreements have maintained or expanded market access through both tariff and nontariff provisions, which both lowered barriers to trade and reinforced market certainty that such free trade regimes will remain in effect. U.S trade agreements have also included provisions designed to address systemic problems within U.S. FTA partners’ supply chains related to workers’ rights and the environment.
Throughout the report the Commission has used a variety of quantitative and qualitative approaches to analyze the impacts of these agreements, and specific provisions within them, on U.S. industry and workers. The Commission traced the evolution of key provisions, developed economic models that estimate the magnitude of the agreements’ impacts, assessed how individual provisions and provision types have impacted specific industries through a series of case studies, and summarized the empirical literature estimating the effects of trade agreements. Read More→
https://www.usitc.gov/press_room/news_release/2021/er0629ll1788.htm
