Countries trade goods and services with each other through international trade. It’s good for both consumers and countries in many ways. International trade helps consumers by giving them access to more goods and services, competition that keeps prices low, better quality goods, and the newest technology(International Trade,2020). Countries benefit from international trade because it makes them richer overall, helps their economies grow, gives them more jobs, and raises their standard of living.
Electronics like cell phones, laptops, and TVs are some of the most-bought items outside the United States. Some other popular imports are clothes and clothing, car parts, and jewelry. In addition to these goods, many countries also import a lot of services from other places. For instance, many countries send their IT services to countries where the labor cost is lower and the level of education is higher. If we could not bring in goods and services from other countries, many people would have to live more cheaply. Prices for goods and services would probably go up because American companies would not be able to compete with low-cost foreign labor. Also, consumers would only be able to buy goods and services made and sold in their own country, which might be of lower quality and less variety(International Trade,2020). The economy would also suffer because of this. Without the flow of foreign goods and services, there wouldn’t be as much competition in the market, which would hurt many domestic businesses. This could cause people to lose their jobs, wages to go down, and the economy to get worse. Also, businesses may not be able to use the latest technologies and services from other countries because they are usually not available in the U.S.