A new study by the Growth Commission finds that almost every nation would be richer if they would remove their tariff and non-tariff barriers to international commerce. No country is an island.

The study’s finds statistical evidence that the gains from moving toward freer trade and tapping the power of comparative advantage are enormous. Per capita income could rise by as much as 20% over time by eliminating tariffs, customs, subsidies and by protecting private property/patent rights.

The good news is that poor countries in particular could gain much higher living standards quickly by adopting freer trade.

The bad news is that over the last decade or so, trade distortions have increased in most countries.

If the Trump Tariff Doctrine can lock in lower trade barriers abroad, everyone gets richer.

The chart below shows the percentage point increase in growth by reducing trade and regulatory distortions: