After the Passage of the North American Free Trade Agreement (NAFTA), Which Made it Less Expensive: What You Need to Know
The North American Free Trade Agreement (NAFTA) has been a topic of debate since its passage in 1994. The agreement, which eliminated tariffs and trade barriers between Canada, Mexico, and the United States, was supposed to create jobs and stimulate economic growth by making it easier and less expensive for companies to do business across North America.
While the agreement has had both positive and negative effects on the economies of the three countries involved, one thing is certain: NAFTA has made it less expensive for companies to manufacture and transport goods across North America.
With the elimination of tariffs and trade barriers, companies can now import and export goods with fewer restrictions and at a lower cost. This has led to increased competition among companies, which has further driven down prices for consumers.
However, while this may seem like a win for consumers, it has had negative effects on workers in industries that were once protected by trade barriers. These workers have seen their jobs move overseas, where labor is cheaper and regulations are less stringent.
Overall, the passage of NAFTA has had a mixed impact on the economies of North America. While it has made it less expensive for companies to do business across borders, it has also had negative effects on certain industries and workers. As we continue to debate the merits and drawbacks of free trade agreements like NAFTA, it is important to consider the full spectrum of their effects on our economy and our people.
