From producing cars to energy, software, networks or hardware (hi Apple!), your local economy stands to gain from international trade. Cities that attract global companies help diversify the local economy while decreasing reliance on a single industry and market while increasing resilience overall.
An election of Harris will likely extend the Biden administration’s focus on climate and market access issues.
1. Global Partnerships
An effective approach to complex global challenges requires collaboration among multiple entities. Global partnerships provide an essential mechanism for financial mobilization – crucial to meeting the ambitious targets outlined by the United Nations 2030 Agenda for Sustainable Development – as well as knowledge transfer – both of which facilitate progress toward reaching SDGs more quickly.
In the 21st century, societies must tap natural assets to drive economies and enhance standards of living. This includes oceans and waterways, land and forests, minerals and metals and energy sources that often span national boundaries – global partnerships may provide ways of harnessing these assets more sustainably for economic gain.
The United States benefits greatly from global partnerships. It maintains bilateral and regional free trade agreements (FTAs) with 20 nations that account for 98% of global trade, as well as multilateral 1994 Uruguay Round Agreement that established World Trade Organization (WTO), to reduce barriers to trade for American manufacturers, farmers, consumers, and workers.
In 2019, the USMCA (United States-Mexico-Canada) trade agreement took the place of NAFTA by keeping zero tariffs for key sectors of each nation’s economies – this reduced costs for automotive, industrial and consumer goods while making manufacturing simpler in Mexico and becoming an essential element in growing prosperity as well as shared security and safety for both nations.
2. Local Impact
Since World War II, public policy has rapidly evolved to embrace free trade and remove many of the barriers limiting global trading activity. The result has been increases in productivity, employment, output, incomes and productivity across participating nations – including significant gains for United States markets that remain closed due to high tariff rates; such tariffs artificially raise prices while distorting competition in ways that harm both its economy and that of trading partners.
American are generally supportive of efforts to negotiate and enact more trade agreements despite any perceived protectionist interests, with numerous economic analyses showing how such agreements have significantly increased the benefits that Americans enjoy from trade – although not evenly across sectors or income levels.
In 2024, the USA experienced significant trade deficits with most of its trading partners–notably China ($310 billion), Mexico ($100 billion) and Canada ($762 billion). Energy-related products saw the largest trade surplus due to increasing natural gas exports. Hong Kong, Netherlands and Brazil all recorded small surpluses while many metropolitan areas have some level of exposure to international trade–whether via large cities that export technology products, vehicles/auto parts/chemicals/petroleum byproducts/machinery/electronic goods; or smaller Midwestern or coastal communities that specialize in certain industries or services.
3. USTDA
USTDA funds project preparation activities that generate both jobs in America as well as sustainable infrastructure and economic development in partner countries. Each dollar invested by USTDA generates $231 worth of U.S. exports – making USTDA one of the best investments to ensure economic leadership, national security, and global competitiveness for America.
USTDA not only invests in foreign markets that coincide with American economic and strategic interests, but it also works to develop local business communities in target countries through its Making Global Local strategy. Partnering with state and local economic development organizations to offer reverse trade missions for U.S. companies to meet foreign buyers directly – this mission approach takes into account geographical, cultural, and business characteristics of each market when tailoring its mission approach.
USTDA has increased its focus on countries of the OBOR region, such as South and Southeast Asia, Central Asia, the Middle East, and Africa. They provide crucial procurement support in these regions, helping improve access to quality U.S. goods and services while levelling the playing field with Chinese competitors in public procurement. Furthermore, recently launched an initiative by USTDA to strengthen and modernize public procurement systems of these nations; Ascendant supports this effort by offering research analysis report writing due diligence administrative support evaluation services for ongoing and new program activities.
4. U.S. Trade and Development Agency
USTDA programs align with President Trump’s economic priorities of job creation, industry expansion and national security. Aligning with these goals strengthens U.S. influence in global trade while solidifying our nation’s position as an innovative leader.
Congress has long mandated the President to secure reduced reciprocal tariff rates from key trading partners through bilateral agreements or the global trade system, yet their efforts have not been sufficient to address structural asymmetries driving large and persistent annual goods trade deficits. Such asymmetries include economic policies of many trading partners that suppress wages and consumption thereby decreasing demand for U.S. exports while simultaneously artificially increasing competition by means of non-tariff barriers or other distortionary measures that increase their import competitiveness – while artificially increasing competition by using non-tariff barriers or distortionary means.
Asymmetries in today’s economy are not sustainable and can erode America’s ability to compete on equal terms with our trading partners. To address these imbalances and restore America’s economic leadership, President Trump has made the reduction of trade deficit, increasing American jobs and recovering global economic strength a top priority of his administration.