I liked to write on “The Revision of NAFTA” as North Atlantic Free Trade Agreement (NAFTA) has been revised because Trump Administration considered the agreement bias and unfair. Trump Administration claimed that in the original NAFTA document, American business interests were ignored, which affected adversely certain American industries in particular and the American economy in general. Therefore, for a long period, Trump Administration was mounting pressure on Mexico and Canada to revisit the agreement to make it more comprehensive and fairer (Landler and Rappeport). The op-ed also suggests that this development, about the North Atlantic Free Trade Agreement, would give Trump Administration space and instruments to address effectively trade-related issues with China (Revision of Free Trade Agreement). The United States runs hundreds of billions in the trade deficit against China, which is why trade between the United States and China has become a controversial subject (BBC.Com).
By studying the changes in the original NAFTA document, we will be able to project the changes that may occur in the trade agreement between the United States and China. The study of the revised NAFTA document will also allow us to understand the current US strategy about the economy and trade. Trade is a major component of the United States’ economic strategy; therefore, any change in trade-related affairs indicates the alteration in overall economic strategy.
It is also imperative to recognize that the new NAFTA bill also educates us regarding the tools and instruments, which Trump Administration is willing to employ to bring about the desired changes in the modalities of bilateral and regional trade. For instance, the current regime does not mind employing aggressive or bullish strategies to realize core economic/trade objectives.
The school of thoughts (of economics), which I shall emphasize to understand trade-its objectives-politics that is associated with trade, are 1) neo-classical economics, 2) Marxian perspective on trade and 3) Keynesian economics.
Work Cited
BBC.Com.“US-China trade row: What has happened so far?” BBC. BBC, 18 September 2018. Web.3 October 2018. https://www.bbc.com/news/business-44529600.
Landler, Mark and Alan Rappeport. “Trump Hails Revised Nafta Trade Deal and Sets Up a Showdown with China.” New York Times. New York Times, 1 October 2018. Web. 3 October 2018. https://www.nytimes.com/2018/10/01/us/politics/nafta-deal-trump-canada-mexico.html.
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