United States one of world's most open economies

AgExporter, Oct, 2002

A recent report from the U.S. International Trade Commission documents the relative openness of the American economy According to the report, Economic Effects of Significant U.S. Import Restraints, the average U.S. tariff on goods imports was 1.71 percent in 1999, among the world's lowest. The report estimates the economic gain to the United States from removing all remaining U.S.

trade barriers to be $14.5 billion annually. The United States is one of the few countries that issue public reports on their own domestic trade barriers. The commission updates the import restraints report periodically, to help set an example for transparency in international trade. The report is available on the Web at: www.usitc.gov/default.htm