This report discusses the effects of increasing globalization on the labor market in the United States. The report reviews some of the key facts about the increase in the importance of traded goods in the U.S. economy over the past 40 years. It goes on to examine different approaches to various aspects of the labor market effects of globalization in the medium and long runs in which an economy like that of the U.S. has time to reach full employment. This discussion includes: models of closed and open economy labor markets; trade policy and the benefits of free trade; and international factors, such as international trade. The final sections of this report examine various aspects of the short-run adjustment of the economy to trade shocks, and discuss ongoing research and data needs with respect to globalization and the labor market in the U.S.