It’s Time to Update NAFTA to Promote Job Growth and Competitiveness.
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The North American Free Trade Agreement (NAFTA) is a vital component of the U.S. economy. After all, trade in goods and services with NAFTA partners Canada and Mexico supports more than 11 million American jobs.
More than 11 million jobs in the US are supported by trade in goods and services with NAFTA partners Canada and Mexico.
1.8 Million American workers would lose their jobs within a year if NAFTA is terminated.
To support jobs growth at home and good relationships with our neighbors to the North and South, we believe that the best path forward for NAFTA is a forward-thinking approach that would modernize the agreement. An updated NAFTA should remove remaining barriers to U.S. goods and services, raise standards and improve dispute settlement, among other modernizing elements. When NAFTA was first enacted in 1993, only 23% of Americans had access to a computer at home.
There are ways NAFTA can be improved to better support American workers, manufacturers, service providers and farmers. An updated NAFTA should include updated rules in areas such as energy, e-commerce, and intellectual property.
Without NAFTA, U.S. exports in goods and services would have faced $15.5 billion in increased tariffs, hurting American workers, economic growth and competitiveness.
Consider for a moment the worst case scenario where NAFTA is terminated. Americans can expect to see changes like:
- Increased costs on everyday consumer goods–among other changes, tariffs on imported goods from Canada and Mexico would be re-imposed
- 1.8 million American workers would lose their jobs within a year
- Bigger challenges to American small-and-medium-sized companies due to higher costs and onerous administrative processes
- An increase of up to $15.5 billion in tariffs on the $570 billion in goods and services American businesses and farmers exported to Canada and Mexico in 2015
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