28 June 2008, Washington, D.C.

The global economy is here to stay. We cannot build walls to foreign competition, and why should we want to. When have Americans ever been afraid of competition? America is the biggest exporter, importer, producer, saver, investor, manufacturer, and innovator in the world. Americans don’t run from the challenge of a global economy. We are the world’s leaders, and leaders don’t fear change, hide from challenges, pine for the past and dread the future.

That’s why I reject the false virtues of economic isolationism. Any confident, competent government should embrace competition–it makes us stronger–not hide from our competitors and cheat our consumers and workers. We can compete and win, as we always have, or we can be left behind. Lowering barriers to trade creates more and better jobs, and higher wages. It keeps inflation under control and interest rates low. It makes goods more affordable for low and middle income consumers. Protectionism threatens all those benefits

Publish Date
October 2, 2021
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