<human>:  What are the pros and cons of free trade?
<bot>: 

Pros of Free Trade: 
1. Lower costs for consumers, since a greater variety of goods and services can be taken advantage of.
2. Increased competition can keep prices down.
3. Expanded markets can stimulate economic growth.
4. More efficient use of resources as countries specialize in producing what they can produce at lowest cost.
5. Promotion of democratic ideals as people interact more with those in other countries.

Cons of Free Trade:
1. Decreased job opportunities in certain sectors as manufacturing moves to lower-wage countries.
2. Slower wage growth for certain industries due to increased competition.
3. Textile and apparel manufacturers may move abroad, resulting in a loss of economic power.
4. Environmental degradation can occur due to the looser regulations in some countries.
5. Unbalanced trading relationships can occur when countries lack the same legal or economic infrastructure.