Non-monetary benefits open trade has contributed to the world

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• Reduced environmental impact. When countries trade with each other, they can produce goods and services in the most efficient way possible. This can help to reduce the environmental impact of production. For example, the United States imports coffee from Brazil, which helps to reduce the amount of deforestation in Brazil.

I think these benefits are important because they can help to build a more peaceful and prosperous world. When people from different cultures understand each other, they are less likely to go to war. When everyone has access to the food and other goods that they need, they are less likely to be poor or hungry. And when production is efficient, it can help to protect the environment. Here are some examples of how changes to US trade and tariff policies have affected US trade with other nations:

• The Smoot-Hawley Tariff Act of 1930. This act raised tariffs on imports into the United States, which led to a decrease in trade and an increase in unemployment.
• The North American Free Trade Agreement (NAFTA). This agreement lowered tariffs between the United States, Canada, and Mexico, which led to an increase in trade between these countries.
• The Trump administration's tariffs on Chinese goods. These tariffs have led to a decrease in trade between the United States and China.

According to a recent (2021) study by the Peterson Institute for International Economics, the Trump administration's tariffs on Chinese goods have cost the US economy $300 billion per year. The study also found that the tariffs have had a negative impact on American consumers and businesses. In conclusion, open trade has many non-monetary benefits that have contributed to the world since the end of WWII. However, changes to trade policies can also have a significant impact on trade and the economy.

Sample Answer here are some non-monetary benefits of open trade that have contributed to the world since the end of WWII:

• Increased cultural understanding. When countries trade with each other, they are exposed to different cultures and ways of life. This can help to break down stereotypes and promote understanding and tolerance. For example, the availability of Japanese cars in the United States has helped to introduce American consumers to Japanese culture.
• Improved food security. Open trade allows countries to specialize in the production of goods and services that they are good at producing. This can help to ensure that everyone has access to the food and other goods that they need. For example, the United States exports wheat to many countries, which helps to ensure that people in those countries have access to food.