Trump’s North American Trade Charade
US President Donald Trump's goals in renegotiating the North American Free Trade Agreement were to reduce the current-account deficit and restore US manufacturing jobs. But the new United States-Mexico-Canada Agreement fails on both counts and will reduce US employment and weaken American producers' position in international markets.
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WASHINGTON, DC – When the United States-Mexico-Canada Agreement (USMCA) was announced, it was met by a sigh of relief around the world. A deal to replace the North American Free Trade Agreement meant that a complete disaster had been averted. Repudiation of NAFTA with no replacement would have been so costly that it was always a distant possibility, but it was a possibility all the same.