The Role of Trade and Technology in 21St-Century Manufacturing

50 or 60 years ago the United States was the world's factory, accounting for 40 percent of the world's manufacturing goods. Today, the U.S. accounts for less than 20 percent. There is genuine reason to be optimistic, because many American manufacturing companies are succeeding in tough global markets. Manufacturing accounts for more than $2 trillion in the American economy, it supports more than 17 million American jobs, and it drives three-quarters of all private sector spending on research and development. American manufacturing has real strengths and opportunities to build on. For example, technology is an area where America has an advantage. The same is true in finished products and production methods. There are going to be about a billion new middle-class consumers in markets around the world with significant sums of money to spend. That number will grow as more people rise from poverty. Many of those consumers prize American products. They look for the American brand because the American brand represents top-notch quality, safety, and reliability.