… is from page 200 of the great trade-policy scholar – and my Mercatus Center colleague – Dan Griswold’s excellent Winter 2019 Cato Journal article, “Assessing President Trump’s Trade Priorities” (references deleted; links added):
As a nation the United States has been reaping the benefits of freer trade for more than 70 years. For millions of American households, lower trade barriers in the United States have delivered lower prices, more variety, and better quality in the goods and services people buy every day. Because of the increased competition from international trade, Americans can buy more affordable footwear, clothing, electronics, household goods, and food, including fresh fruit in the winter. Lower prices are especially important for lower-income Americans, who spend a higher share of their budget on tradable goods. For millions of workers, the lower prices from trade translate into higher real wages.
U.S. producers also benefit as importers. Half of U.S. annual imports are not for consumption but for production – raw materials, industrial supplies, capital machinery. U.S. producers depend on access to globally priced inputs to stay competitive.