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Discussion Topic As presented in this chapter, there are benefits, but also concerns about increasing free trade
Discussion Topic
As presented in this chapter, there are benefits, but also concerns about increasing free trade. One of the ways to address the trade offs is for countries to enter into multinational trade agreements. The US, Mexico, and Canada are all a part of a trade agreement that had been called NAFTA (North America Free Trade Agreement) and is now the USMCA (United States- Mexico-Canada Agreement).
And, please keep in mind that the pandemic has presented many challenges to free trade as countries close their borders and restrict exports of vital goods.
Instructions
Please do some research online at this website from the Office of the United States Trade Representative (Links to an external site.) and other websites that you find on your own to learn more about this agreement and then answer the following questions in light of the situation with Covid-19.
- Do you think reducing trade barriers is a good idea? Why or why not?
- What are some of the parts of the USMCA that concern you?
- What are some benefits from the USCMA?
- What do you think is the most effective way for countries to work out their trade differences?
- Which countries have successfully used increased trade to promote their country's economic growth?
- Post your answers to these questions.
- After posting to the discussion, please be sure to comment on what you like about at least two other students’ posts.
Expert Solution
- Do you think reducing trade barriers is a good idea? Why or why not?
Yes, as long as it is fair or in our favor, reducing trade barriers is a good idea because it will benefit our employers and employees.
- What are some of the parts of the USMCA that concern you?
I didn't see anything that concerned me regarding the USMCA. It looks to be pretty fair and that everyone will benefit from it.
- What are some benefits from the USCMA?
One of the main benefits from the USMCA is that it levels the playing field in agriculture and to some extent automobiles. In other words it appears to create equal trade opportunities for all involved, instead of just being one-sided.
- What do you think is the most effective way for countries to work out their trade differences?
Three ways; negotiate, negotiate, negotiate. Negotiation is one of the main forms of working out your differences and discussing matters in a civilized manner. This is always preferable to war, whether trade war or actual war.
- Which countries have successfully used increased trade to promote their country's economic growth?
I would say all three of the countries that are in the USMCA agreement, Canada, the U.S.A., and Mexico.
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