The U.S. International Trade Commission’s 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, including U.S. tariffs and tariff-rate quotas on certain agricultural products, textiles and apparel, and other manufactured products.
The Commission estimates that liberalization of all significant import restraints quantified in this update would increase annual U.S. welfare by $1.1 billion by 2017.
The eighth update also features a special topic chapter on the role of services in manufacturing, which explores trends in U.S. manufacturers’ use of services and the contribution of services to manufacturing output and productivity. Among the chapter's highlights:
- More and more, manufacturing relies on services at every stage of the value chain, from product design and market research to warehousing and distribution.
- The United States has the world's largest services economy and one of the highest shares of services in its gross domestic product in the world.
- Business services in particular -- those that are predominantly purchased by other businesses -- have grown rapidly relative to other sectors of the economy. International data on value added shows that U.S. manufacturers are among the most intensive users of business services worldwide.
- Business services have also benefited from significant innovations that, in turn, may enhance the productivity of the services users, many of which are manufacturers.
View the publication at: http://www.usitc.gov/publications/332/pub4440.pdf