The Economic Report of the President (ERP), released annually by the Council of Economic Advisers, is always full of useful and interesting data, and the just- published 2024 edition is certainly no exception. The new ERP's international trade chapter is particularly noteworthy, given the increasing hostility to open trade and investment in Washington and the often- erroneous protectionist narratives used to support it. In a welcome development, the ERP thoroughly punctures several of these narratives by summarizing what the actual economics literature says about international trade and investment in the United States today, mostly in line with (and in one case even citing) the essays we've published over the last year as part of Cato's ongoing Defending Globalization project.
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