[Exerpt] The U.S. International Trade Commissions latest update in this series of reports presents results on the economic effects on the U.S. economy of removing significant U.S. import restraints in manufacturing, agricultural products, and services. The report estimates changes in U.S. welfare, output, employment, and trade that could result from the elimination of U.S. tariff-rate quotas on agricultural products, quantitative restrictions applied to textiles and apparel, and duties for sectors with high tariffs. The study also examines the economic implications of restrictions affecting maritime trade and trucking, and it analyzes the implications of liberalization for U.S. workers. The base year for the study is 2005, the year for which the most recent data are available on the structure of the U.S. economy.
The report is the fifth update in a series of reports to the U.S. Trade Representative. The initial report was submitted in November 1993, the first update was submitted in December 1995, the second update in May 1999, the third update in June 2002, and the fourth update in June 2004.