Announced this morning, President Donald J. Trump is delivering on his promise to renegotiate the North American Free Trade Agreement (NAFTA) so all American workers can benefit. After years of promises by politicians, this is the first time that a modern American trade agreement has been renegotiated.
“America has … finally turned the page on decades of unfair trade deals that sacrificed our prosperity and shipped away our companies, our jobs, and our Nation’s wealth”, President Donald J. Trump.
The 24-year-old NAFTA was outdated and unbalanced, hurting American jobs and businesses as factories closed and jobs were exported. The old deal contributed to our ballooning annual goods trade deficit, which grew from $115 billion in 1993—the year before NAFTA’s implementation—to a staggering $800 billion in 2017.
The new U.S.–Mexico Trade Agreement protects American workers, American manufacturing, and American agriculture. New “rules of origin” requirements will encourage billions a year in vehicle and automobile parts production in the United States, supporting high-wage jobs across the country. The deal will also include the strongest, fully enforceable labor standards of any trade agreement.
“Many people thought that this was something that just couldn’t happen because of all of the different factions, all of the different sides, and the complexity,” President Trump said this morning. “And we made it much simpler, much better. Much better for both countries.”
Source: White House