Hot on the heels of the latest annual Bilderberg get-together (link no longer available) in Berkshire, England, political leaders at the just-concluded G8 summit in Lough Erne, Northern Ireland, announced that the EU and US intend to broker a free-trade agreement between them by the end of next year, with talks towards one due to begin next month.
How should supporters of free-markets respond to the news of such an agreement – with jubilation, indifference, or dismay? Prima facie, such a deal can only be good news. The removal or lowering of tariffs fosters trade and thereby supposedly facilitates mutually beneficial international division of labour which in turn, by fostering a greater interdependency between nations, reduces the chances of war between them.
In reality, however, the prospect of such an agreement is anything but a cause for celebration for freedom lovers.