International trade has lifted millions of people out of poverty, boosted standards of living, and benefitted the United States more than most other countries. Why? The American economic engine thrives on economies of scale, which is designed to produce solutions for the world’s 8 billion consumers, not just America’s 340 million customers. And the benefits are tremendous. But the United States is moving down a protectionist path that will weaken our economic growth and competitiveness while hurting consumers and businesses.

When I crossed through Checkpoint Charlie from West Berlin to East Berlin in March 1990, I witnessed two worlds colliding. On one side stood a beautiful, economically flourishing metropolitan city; on the other, a gray landscape of economic failure. While witnessing the dismantling of the Berlin Wall was exhilarating, the stark contrast in living conditions between West and East Germany was sobering.

It’s no coincidence that democratic countries with capitalist systems typically have the highest quality of life, standard of living, economic productivity per capita, life expectancy and educational standards. Democratic systems also tend to have the lowest levels of corruption. In many countries, however, democracy is currently being challenged, which may have the potential to bring about harsh consequences. Democratic backsliding could, in turn, cripple our capitalist systems and reduce our standards of living. read more...

The key to U.S. economic growth and job creation lies in our ability to innovate new products and services and deliver them to the world’s nearly 8 billion consumers. This requires tax policies that incentivize entrepreneurs to take risks and pro-globalization legislation that secures access to foreign markets.