Trade: With whom? for what? a citizens's guide to the trade debate

Abstract The only real trade policy choices involve how to manage trade. The four important choices to make in formulating trade agreements are whether they are: (1) rule‐oriented or outcome‐oriented; (2) uniform across the economy or sectoral; (3) aggressive or passive in enforcement; and (4) bilateral or multilateral. Preferences for various combinations of these variables depend on resolving conflicting goals. Important goal conflicts include whether to seek balanced trade versus a higher standard of living, gains of the zero‐sum type or only those of the positive‐sum type, relative wealth or absolute wealth, and profits for American corporations versus good jobs for Americans.