However, cautious listeners in the audience might have been heartened to hear a slight change in rhetoric on NAFTA, the trilateral trade treaty that's key to much of our nation's agricultural business. Another unacceptable demand is the sunset clause - a signatory's right to unilaterally withdraw from the agreement every five years if dissatisfied with its results. In regards to NAFTA, there are some tweaks and changes that could be very beneficial for the American people.
Michael Geist, Canada Research Chair in Internet and E-Commerce Law at the University of Ottawa, was asked to advise a Senate Open Caucus meeting on modernizing NAFTA. He also applauded the recently passed GOP tax bill. We should not abandon that principle now.
Trump has threatened repeatedly to pull the United States out of the trilateral trade agreement.
Luis Ribera, director of the Center for North American Studies at the Department of Agricultural Economics at Texas A&M University AgriLife Extension says Texas growers and livestock producers rely heavily on trade.
Full-year 2017 auto exports grew 12.1 per cent and production increased 8.9 per cent, auto industry group AMIA said on Monday. Combined Mexico and Canada represented almost 40 percent of USA dairy product exports in 2016. One study by the Center for Economic and Policy Research found that, even after accounting for the "benefit" of lower-priced imported consumer goods, this downward pressure on wages equaled the loss of more than $3,300 per year for most working Americans.
She added: "Today's large movements highlight the sensitivity of currencies to any trade news and we could see more wild swings as the spat continues". Over 380,000 Texas jobs depend on our trade with Mexico as well. He doesn't believe the US will rip up NAFTA, saying the economic damage from such a move would be "severe". John Cornyn and Ted Cruz of Texas advocate for continued strong trade relations with Mexico.
Within the generics industry, the United States is the leading country among the NAFTA bloc, with market revenues of $94.0 billion in 2015.
General Motors Co. has been massively hurt by the trade agreement conundrum; dropping by a massive 2.4%.
Texans should stand against any efforts that would cripple our thriving trade with Mexico. After all, Canada and Mexico are Nebraska's top two trading partners.
There's also speculation Congress could prevent the White House from dismantling Nafta.