In your responses, comment on at least two of your peers' posts. Critique the arguments made in each peer's article by weighing the costs of FTAs against the benefits. Support your position with sources from the news or the textbook.

peers

The United States can benefit from specialization and trade for a multitude of reasons. It could receive products that we are not able to grow or build here, but can be created in other countries. It can help strengthen our relationships with other countries by creating communication and connections through trade. It could also help infiltrate our markets so that there are more acceptable prices and no monopolies. The textbook states that the act of trading can "raise the economic well-being of a nation," (Mankiw, 2021). Furthermore, trade can benefit the United States through an "increased variety of goods, lower costs, increased competition and productivity, and bring advancements into the country through means of new ideas, communication, and technology," (Mankiw, 2021).

Mankiw, N. G. (2021). Principles of Economics (9th ed.). Cengage Learning.

I found a news article from a few days ago that discusses the Australian Prime Minister, Anthony Albanese, heading to India to on a business delegation in hopes of diversifying Australia's economy through trade with India. The Prime Minister declares that Australia is seeking "greater diversity in who we trade with and greater variety in what we trade, meaning our economy is more resilient and more secure," (CNBC, 2023). This article and the reasoning for why the Prime Minister wants to open up more trade with India supports what economists believe in relation to FTA. Economists believe that free trade benefits countries overall economies by enriching their markets and strengthening finanicial standpoints, making each economy more stable and diverse. This article is supportive of FTA because it describes the Prime Minister's perspective and reasonings for this business excursion, which are all reasons that are directly related and complementary to the purposes and overall concept of free trade.

CNBC. (2023, March 7). Australian prime minister seeks to diversify trade, investment on visit to India. CNBC. Retrieved March 9, 2023, from https://www.cnbc.com/2023/03/07/australian-prime-minister-seeks-to-diversify-trade-investment-on-visit-to-india.html