Global trade agreements can affect local businesses in different ways.

Benefits:

1. Market Access: Local businesses can sell their products in other countries. This might help them sell more items.
2. Cost Reduction: When import taxes go down, local businesses can buy goods for less money. This means they can save cash.

Harms:

1. Increased Competition: Small local companies might find it hard to compete with big international businesses.
2. Job Losses: If some industries can’t compete, they may have to lay off workers or even close down, which can lead to job losses.

For example, a small fabric store might see cheaper products coming from other countries. This could lower their prices, but it also puts their business at risk.