WHY IT MATTERS: Trade

Through trade pacts and institutions like the World Trade Organization, the United States has sought to rip down barriers to global commerce, including quotas and taxes on imports.

Imports cut prices for consumers, and exposure to foreign competition makes American firms and the overall U.S. economy more efficient.

[...] critics charge that China doesn't play by the rules — unfairly subsidizing exporters, manipulating its currency to give them a competitive edge and condoning the theft of U.S. trade secrets.

Presidential candidates Donald Trump and Hillary Clinton oppose the trade agreements that are a hallmark of U.S. economic policy.

Clinton has broken with President Barack Obama by opposing the Trans-Pacific Partnership, an agreement that Obama's administration hammered out with 11 Pacific Rim countries (excluding China) and that awaits congressional approval.

Despite the campaign rhetoric, trade deals have far less impact on jobs than forces such as automation and wage differences between countries.

Trump's plans to impose punitive tariffs would risk setting off a trade war and driving up prices for American consumers.