"One of the key factors behind our nation's great prosperity is the open trade policy that allows the American people to freely exchange goods and services with free people around the world.
"Freedom to trade is not a new issue for America. In 1776, our founding fathers signed the Declaration of Independence, charging the British with a number of offenses. Among them, and I quote, 'cutting off our trade with all parts of the world.'
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"Over the past 200 years, not only has the argument against tariffs and trade barriers won nearly universal agreement among economists, but it has also proven itself in the real world where we have seen free trading nations prosper, while protectionist countries fall behind.
"America's most recent experiment with the protectionism was a disaster for the working men and women of this country.
"When Congress passed the Smooth Hawley Tariff in 1930, we were told that it would protect America from foreign competition and save jobs in this country. The same line we hear today. The actual result was the Great Depression.
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"Today, protectionism is being used by some American politicians as a cheap form of nationalism. A fig leaf for those unwilling to maintain America's military strength and who lack the resolve to stand up to real enemies: countries that would use violence against us or our allies. Our peaceful trading partners are not our enemies. They are our allies.
"We should beware of the demagogues who are ready to declare a trade war against our friends, weakening our economy, our national security, and the entire free world. All while cynically waving the American flag.
"The expansion of the international economy is not a foreign invasion. It is an American triumph. One we worked hard to achieve, and something central to our vision of a peaceful and prosperous world of freedom."
