There is no shortage of discussion about global trade in America these days. Trade has been a hot topic during the presidential campaign.
Republican front-runner Donald Trump and Democrat Bernie Sanders have both harshly criticized American trade policy. Trump has said that the U.S. economy has been hurt by bad trade deals and has talked about placing tariffs on goods made overseas. For example, he says he would threaten a 45 percent tariff on Chinese goods if China did not follow trade rules. He has criticized China for manipulating its currency.
Sanders, who has made income inequality a major part of his campaign, has also criticized U.S. involvement in free trade deals and has taken Hillary Clinton to task for supporting them.
“I don’t think you’re qualified (to be president) if you supported almost every disastrous trade agreement,” Sanders said.
Many Americans, frustrated about plant closings while they see store shelves stocked with foreign-made goods, have responded positively to the rhetoric from Trump and Sanders.
But supporters of free trade say it is a vital part of the American economy and helps third world countries improve their quality of life.
“The idea that trade fuels inequality is a very parochial perspective, and protectionists who shroud themselves in a moralistic inequality narrative are deeply hypocritical,” said Kenneth Rogoff, a Harvard professor of public policy and economics, in an op-ed piece published by Project Syndicate. “As far as trade is concerned, the current U.S. presidential campaign is an embarrassment of substance, not just personality.”
Since 95 percent of the world’s population lives outside the U.S., exports will be vital to grow the U.S. economy, said Kurt Bauer, president and chief executive officer of Wisconsin Manufacturers & Commerce.
“Trump and Sanders claim that protectionism will save American jobs, but the data shows the exact opposite is true,” Bauer said. “Most of the planet’s population and middle class wealth will expand in Asia, which is why exports are so critical for a manufacturing and agricultural state such as Wisconsin that makes, grows and processes things.”
Wisconsin companies exported $22.4 billion worth of merchandise in 2015.
To help Wisconsin companies conduct international business, the Metropolitan Milwaukee Association of Commerce’s World Trade Association will host the annual Wisconsin International Trade Conference on Tuesday, May 10, at the Wisconsin Center in downtown Milwaukee.
The breakfast program for the conference will include the Governor’s Export Awards, presented by Gov. Scott Walker, and a keynote address from Todd Teske, chairman, president and CEO of Wauwatosa-based Briggs & Stratton Corp.
The morning portion of the conference will feature several breakout sessions.
The lunch program will feature remarks from Lt. Gov. Rebecca Kleefisch and keynote speaker Jonas Prising, chairman and CEO of Milwaukee-based ManpowerGroup.
The afternoon portion of the conference will also feature several breakout sessions.
The conference will conclude with a networking reception. n
For more information and to register for the Wisconsin International Trade Conference, go to: wisconsintradeconference.org.
BizTimes Milwaukee is the media partner for the conference.
