At the start of the negotiations of the North American Free Trade Agreement this week, U.S. Trade Representative Robert Lighthizer told reporters the deal had benefited many Americans, but it had also failed countless others. Lighthizer noted that Canada and Mexico are the largest export markets for U.S. farmers and ranchers, but claims at least 700,000 Americans have lost their jobs due to changing trade flows under the agreement. Lighthozer said, “We cannot ignore the huge trade deficits, the lost manufacturing jobs, the businesses that have closed or moved because of incentives — intended or not — in the current agreement.”
Although Americans send billions of dollars in corn, soybeans, and poultry across the borders, trade deficits in other sectors totaled nearly $57 billion in the last year, according to Lighthizer. In the auto sector alone, the United States had a $68 billion deficit with Mexico.
Source: NAFB News Service