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December 21, 2020

Which Is A True Statement About The North American Free Trade Agreement

Filed under: Uncategorized — Mark Baker @ 2:38 am

On September 30, 2018, the United States and Canada agreed on an agreement to replace NAFTA, which will now be called the USMCA – the agreement between the United States and Mexico. In a joint press release from the U.S. and Canadian trade bureaus, officials said: In a 60-minute interview in September 2015, presidential candidate Donald Trump called NAFTA “the only worst trade deal ever approved in [the United States]”[121] and said that if elected, “he would either renegotiate it, we will break it.” [122] [123] Juan Pablo Castaen [es], chairman of the trade group Consejo Coordinador Empresarial, expressed concern about the renegotiations and the desire to focus on the automotive industry. [124] A number of trade experts have stated that abandoning NAFTA would have a number of unintended consequences for the United States, including limited access to its key export markets, lower economic growth and higher prices for gasoline, cars, fruits and vegetables. [125] Members of the Mexican private initiative noted that many laws needed to be adapted by the U.S. Congress to eliminate NAFTA. Finally, this would give rise to complaints from the World Trade Organization. [124] The Washington Post found that a review of academic literature by the Congress Research Service concluded that “the overall net effect of NAFTA on the U.S. economy appears to be relatively modest, mainly because trade with Canada and Mexico accounts for a small percentage of U.S. GDP.” [63] The North American Free Trade Agreement (NAFTA) was implemented to promote trade between the United States, Canada and Mexico.

The agreement, which removed most tariffs on trade between the three countries, came into force on 1 January 1994. Between 1 January 1994 and 1 January 2008, many tariffs – notably for agriculture, textiles and automobiles – were phased out. A 2015 study showed that Mexico`s prosperity increased by 1.31% as a result of NAFTA tariff reductions and by 118% for Mexico`s intra-Bloc trade. [63] Inequality and poverty have decreased in the regions of Mexico most affected by globalization. [75] Studies from 2013 and 2015 showed that Mexican small farmers benefited more from NAFTA than large farmers. [76] [77] The agreement between the United States and Mexico-Canada has been ratified by the legislative branches of each country. Mexico ratified the USMCA in 2019. The United States ratified the agreement on Jan.

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