It’s important not to get carried away – by itself, foreign trade usually does not matter that much to the American economy. In 2014, total US trade rose less than $160 billion while the net worth of American households rose $4 trillion.

But trade does symbolize broader economic choices: The country as a whole or a range of special interests? Individual freedom or government supervision? Competition or stability? Trade policy is only important some of the time but always serves as a testing ground for economic principles.

1.) What is the most important way trade benefits the US? The popular answer might be lower prices, but lower prices are just a part of the package. What drives prices lower is competition. Competition improves product quality. It is indispensable for innovation – the US is the most innovative country in the world because we embrace competition. When your cell phone rings, what it can do and how cheap it is stems from the competition, with free trade a critical part....

Read the full article at the American Enterprise Institute: 5 questions every presidential candidate should answer: Trade edition