The Large Stake of U.S. Small Business in an Expanding Global Economy

A Trade Agenda for U.S. Small Business

America’s small companies need a trade policy that expands their freedom to sell, invest and buy in a growing global economy. In general, U.S. small businesses can grow and compete most effectively in a domestic economy that avoids uncompetitive tax rates and burdensome paperwork and regulations. Small businesses also need flexible labor markets that allow them to hire the workers they need to meet the needs of their customers. Comprehensive immigration reform and an increase in visas for highly skilled workers would enhance the ability of U.S. companies to meet global competition.

On the trade front, U.S. small businesses benefit when the United States signs bilateral, regional, and multilateral trade agreements that reduce trade barriers with our major trading partners. Those agreements not only reduce barriers to trade but they also establish predictable and enforceable rules that increase transparency when smaller U.S. companies venture abroad. Free trade agreements with the countries of Central America, Chile, and other trading partners have already stimulated an increase in U.S. exports and have opened up new opportunities for U.S. companies to reach new customers, just as the North American Free Trade Agreement has expanded opportunities in Canada and Mexico. Absent trade agreements, Congress should reduce remaining U.S. trade barriers unilaterally.

What U.S. small businesses do not need are higher trade barriers to our domestic market or more federal subsidies to supposedly promote exports or foreign investment. Punitive tariffs against a country such as China would threaten to drive up costs for U.S. small businesses that import intermediate products from that country. A trade war would also jeopardize export opportunities in growing markets abroad. Antidumping orders and other tariffs against such imports as steel or agricultural commodities drive up costs for domestic producers, many of them small businesses, who use those imports in their final products.¹⁰ For the same reasons, a dramatically weaker U.S. dollar, while benefiting certain U.S. exporters, would drive up the costs U.S. small businesses pay for imported energy, parts and capital machinery.

Nor do U.S. small businesses need a larger share of federal subsidies for international trade. While small and medium sized companies do qualify for such programs as the Export-Import Bank and the Market Access Program, they account for a small dollar share of total federal support. U.S. companies do not need federal subsidies to compete effectively in global markets. Our research at Cato has shown that U.S. exporters have outperformed their counterparts in Great Britain, Germany, France, Canada and Japan even though the share of U.S. exports receiving government support is much lower than exports from those countries. Most U.S. export subsidies go to firms that do not experience subsidized competition abroad.¹¹ U.S. and global markets are currently awash in private capital ready to finance new trade and investment opportunities. Federal export subsidies do not promote more exports but only reshuffle the export pie in favor of larger U.S. companies, crowding out smaller exporters.

If Congress and the administration want to increase opportunities for U.S. small businesses to compete and thrive in a global economy, they should work together to reduce barriers to international trade and investment wherever they exist.

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TED - Technology, Entertainment, Design - Ideas Worth Spreading

TED stands for Technology, Entertainment, Design. It started out (in 1984) as a conference bringing together people from those three worlds. Since then its scope has become ever broader.

The annual conference now brings together the world's most fascinating thinkers and doers, who are challenged to give the talk of their lives (in 18 minutes).

This site makes the best talks and performances from TED available to the public, for free. More than 100 talks from our archive are now available, with more added each week. These videos are released under a Creative Commons license, so they can be freely shared and reposted.

Our mission: Spreading ideas.

We believe passionately in the power of ideas to change attitudes, lives and ultimately, the world. So we're building here a clearinghouse that offers free knowledge and inspiration from the world's most inspired thinkers, and also a community of curious souls to engage with ideas and each other. Over time, you'll see us add talks and performances from other events, and solicit submissions from you, as well. This site, launched April 2007, is an ever-evolving work in progress, and you're an important part of it. Have an idea? We want to hear from you.

The TED Conference, held annually in Monterey, is still the heart of TED. More than a thousand people now attend — indeed, the event sells out a year in advance — and the content has expanded to include science, business, the arts and all the big global issues facing our world. Over four days, 50 speakers each take an 18-minute slot, and there are many shorter pieces of content, including music, performance and comedy. There are no breakout groups. Everyone shares the same experience. It shouldn't work, but it does. It works because all of knowledge is connected. Every so often it makes sense to emerge from the trenches we dig for a living, and ascend to a 30,000-foot view, where we see, to our astonishment, an intricately interconnected whole.