StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Impact of NAFTA on the US economy - Term Paper Example

Comments (0) Cite this document
Summary
NAFTA’s Impact of United States Economy Your complete name Institutional affiliation Submission date Abstract NAFTA is North American Free Trade Agreement which provides investors with a remarkable set of terms and conditions in order to stimulate direct foreign investment from United States to Canada and Mexico…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.5% of users find it useful
Impact of NAFTA on the US economy
Read TextPreview

Extract of sample "Impact of NAFTA on the US economy"

Download file to see previous pages economy over a period of time with respect to U.S. trade balance, employments, jobs, and wages. NAFTA and its impact of United States Economy According to Teslik (2009) NAFTA, implemented in January 1994, and signed by Democratic President Bill Clinton, is a trilateral free trade deal between United States, Canada, and Mexico. The primary objective of the agreement is to eliminate several tariffs on products traded among the United States, Mexico, and Canada. Terms of the agreement were aimed to eliminate these tariffs in a gradual manner. The agreement was not fully implemented before 1 January, 2008. The deal phased out export tariffs in several industries, in particular, agriculture, and reduced taxes on textiles and automobiles. NAFTA implemented intellectual property protection, instituted a dispute regulation system, and established regional labor and environmental safeguard. However there is some criticism and lobbying when it comes to establishing regional labor and environmental safeguards (What is NATA? para. 2). NAFTA’s impact on trade Since NAFTA’s implementation, trade relation between United States, Mexico, and Canada have diversified substantially. However, there is expert’s disagreement on the extent of such expansion which is directly associated with NAFTA (Teslik, 2009, para.6).According to the data from the office of the U.S. Trade Representative (USTR) as Teslik (2009) states: The United States chief negotiator in foreign trade and major booster of NAFTA and other free trade accords, the overall value of intra-North American trade has more than tripled since the agreement inception. The USTR adds that regional business investment in the United States rose 117 percent between 1993 and 2007, as compared to a 45 percent rise in the fourteen years prior period. Trade with NAFTA partners now accounts for more than 80 percent of Canadian and Mexican trade, and more than a third of U.S. trade. (para.6) Trade deficit and unemployment NAFTA’s impact on U.S. economy has been subjected to the “boom-and-bust” cycle that directed domestic consumption, investment, and speculation in the mid- and late 1990s.Between 1994 and 2000, there was rapid increase in employments in the United States which caused substantial decrease in an overall unemployment rate. However, unemployment rise in 2001 resulted in the loss of 2.4 million jobs in domestic economy during March 2001 and October 2003(Bureau of Labor Statistics, 2003 as cited in Scott, 2003, p.3).The primary sector of these job losses was manufacturing which underwent a total decline of 2.4 million jobs since early 2001.With the dried job growth in the economy, other underlying issues stemming from U.S. trade deficit became more evident, particularly in manufacturing sector (Scott, 2003, p.3). After three decades of steadily growing global trade deficit, United States experienced rapid increase in these deficit after the implementation of NAFTA in1996.In 2002,foreign exports constitute 11.6 percent of total U.S. exports to Mexico and Canada(Scott,2003,p.3).Though, U.S. domestic exports to NAFTA partners experienced a dramatic increase(95.2 percent to Mexico, and 41 percent to Canada), increase in imports of 195.3 percent from Mexico and 61.1 percent from Canada exceeds the exports growth overwhelmingly(EPI analysis of BSL and Census Bureau as cited in Scott,2003,p.3).As a result,$30 billion U.S. net export deficit with Mexico and Canada increased by 281 percent ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Impact of NAFTA on the US economy Term Paper Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1425371-impact-of-nafta-on-the-us-economy
(Impact of NAFTA on the US Economy Term Paper Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.org/macro-microeconomics/1425371-impact-of-nafta-on-the-us-economy.
“Impact of NAFTA on the US Economy Term Paper Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/macro-microeconomics/1425371-impact-of-nafta-on-the-us-economy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Impact of NAFTA on the US economy

The State and the Impact That Homelessness Has on Children in Miami-Dade

Miami-Dade County has the highest homeless rate in the State of Florida. It ranks first in ‘families living in poverty’ among 25 major US cities (JLM, n.d.). Poverty and high rate of rentals have been considered the two main causes of homelessness. As much as 83% of people experience homelessness for a short period and usually require assistance in finding housing or rent subsidy. About 17% of the people in Miami-Dade are homeless for longer periods and require permanent supportive housing. The total number of homeless persons on the street in January 2006 was 4709 (Camillus.org). Fluctuations in the homeless count can occur depending upon the weather, time of the year and the methodology.

Florida accounts f...
6 Pages(1500 words)Essay

The Controversies in the Death Penalty in the US

In 2003 Amnesty reported 1,146 executions in 28 countries, 88% of them in just 5 countries: The People’s Republic of China 726, Iran 108, the U.S. 65, Vietnam 64, and Saudi Arabia 52 (Netipedia.com, 2006). The U.S. went on to carry out 59 executions in 2004, 60 in 2005, 53 in 2006 and 11 until March 2007 (Death Penalty Information Center, 2007). Today, the death penalty has been abolished in the vast majority of democracies in Europe and Latin America, while it is still retained in most democracies in Asia and Africa, the U.S., Guatemala, and the countries of the Caribbean (Netipedia.com, 2006).

As on April 2, 2007, there were 38 states in the U.S. with the death penalty and 12 without. Between 1976 and 2007 there...
14 Pages(3500 words)Case Study

The impact of Plant Disease on New Zealand

Transmission of PMTV occurs through inoculation of sap in 26 species belonging to Solanaceae or Chenopodiaceae and to Tetragonia expansa and also through grafting (A. Reavy., W. Kashiwazaki., & Barker,1995 ). In some cases, PMTV is known to be transmitted by mechanical inoculation also.

Since PMTV is vectored only through S.subterranea the infection of plants with PMTV depends on the life cycle of S.subterranea which takes about 10-14 days. The life cycle of S.subterranean takes place in 2 phases: Phase I) This is the primary stage of the life cycle initiated with the germination of resting spores known as sporangiosori or cystosori persisting in the soil as spore balls with thick cell walls into zoosporangia. These...
6 Pages(1500 words)Report

The Impact of Comic Books on Boys and Girls

Marvel comics made the first important steps in the particular sector – at the decade of 1960s, the firm presented through its books a series of innovative stories that have until today a significant influence to the public - the characters and the appearance of the stars of Marvel and the other firms that govern the specific sector since the decade of 1960 will be analyzed in the sections that follow. The current paper refers to a specific aspect of the particular sector (comic books): the perspectives of the firms operating in this industry on boys and girls; special reference is made to the change of these perspectives from the 1960s until today. Marvel is used – among other firms – as indicative example of th...
15 Pages(3750 words)Research Proposal

The Importance of Tourism to the World Economy

Since the eighties, perceived risk research has been of ongoing interest to tourism researchers, Dolnicar (2005) and Dickson, Chapman, and Hurrell (2000)  states. Contributions often include those which investigate positive risk as a factor in increasing tourists who are seeking a thrill. On the other hand, there are also those who view these risks as something negative, thus avoiding the destinations which are haunted by different risks such as diseases, terrorism and other forms of political instability (Dickson & Tugwell, 2000).

The current qualitative research inquired about the risks perceived by young people as regards both domestic and international traveling. A sample of 23 was interviewed for this purp...
15 Pages(3750 words)Research Paper

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

How Does the US Media Effects Evolve in Singapores Current Media

Lewis and Slade (2000, p. 223) in their critical evaluation of the effects of media communication on the audience argue that media effect is achieved incongruent with social context. Their study recounts the experiment on the influence of television on identity in Singapore indicates that US social values and Singaporean values greatly differ from each other. The sharp differences in program content have a negative influence on the audience because Chinese raised Singaporeans value marriage, social values, and collectivism whereas US social culture involves career, family and the struggle to balance the two. Therefore the question of US media's influence to destabilize Singaporean national identity is limited. This view is emphasi...
6 Pages(1500 words)Assignment

Impact of Motivational Factors upon Employees at Bank AlFalah and Standard Chartered Pakistan

The impacts of these policies upon the employees of the banks will be studied with the help of the responses of the employees of both of the banks. The proposed research study will present the case studies of these two banks by employing a qualitative research approach. The data and information for the study will be collected through secondary and primary resources i.e. through literature review and in-depth interviews of the employees of both the banks. The study will help in the identification of the major strengths and weaknesses present in the motivational policies of these banks and will allow proposing the formulation of improved policies.

Motivation basically refers to satisfying one’s needs through differe...
14 Pages(3500 words)Research Proposal

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages(2000 words)Coursework

Identification of problems in the Criminal Justice System of the US

They are on trial and will be dealt with fairly. These laws ensure that no one, even if he or she has committed a crime is abused or punished cruelly.
Following the history of civilization like in china, we see the traces of systems for Criminal justice in order to provide safety for the citizens. Evolving through the years laws have been modified and changed to form the system that we know today.
 From its start, the “U.S. criminal justice system” has advocated the idea of “checks and balances”. To avoid dictatorial rule, the people who founded this system in such a way that one person was not given control or authority completely to punish the criminals. The idea of assigning a ‘jury...
6 Pages(1500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Impact of NAFTA on the US economy for FREE!

Contact Us