Question

Can anyone please simply explain in words

to me that why free trade is a good thing even for a high-wage country like the U.S.???

Thanks a lot!!!!

Answer 1

The key to trade is that both parties are better off. (If one of the trading parties is worse off because of the transaction, they would not engage.) Its win-win. And this is true regardless if the countries/business/people doing the trading are high income or not.