The North American Free Trade Agreement (NAFTA) works for the U.S. economy and American workforce.
Since going into effect in 1994, the agreement has helped to broaden America’s economy, open new markets for U.S. exports and create millions of U.S. jobs. Through NAFTA, Mexico and Canada have a substantial stake in America’s success.
While total assets of international investment in the United States have steadily climbed in recent years, the pace of investment by Canadian and Mexican companies has far surpassed that. Between 2007 and 2015, total assets of Canadian investment in the United States increased by 71 percent, while Mexican investment increased by more than 38 percent.
This investment translates to American jobs. Of the nearly seven million U.S. jobs that international investment supports, Canadian investment supports 636,000 U.S. jobs while Mexican investment supports nearly 80,000 U.S. jobs.
Inbound Investment Survey - April 2018
Survey findings show that the new tax law has improved U.S. competitiveness.
Not surprisingly, FDI in the United States is responsible for nearly a quarter of U.S. exports, and you guessed it, NAFTA is a significant factor. Since 2007, U.S. exports of goods shipped by Canadian companies reached $13 billion in 2015. During the same timeframe, U.S. exports of goods shipped by Mexican companies jumped by nearly 18 percent to hit $1 billion.
Ending our trade agreement with Canada and Mexico would re-impose high tariff costs that NAFTA eliminated, which would drastically reduce America’s competiveness in the global economy, lower U.S. output and exports, and undercut the U.S. job market.
Many American workers across the nation depend on NAFTA for their livelihoods. It’s critical that the United States re-commit to NAFTA to protect American workers, help the U.S. economy to grow, and strengthen beneficial cross-border connections.
