Withdrawing From NAFTA Will Cost U.S. Nearly 2 Million Jobs

Withdrawing from NAFTA will cost the U.S. nearly 2 million jobs according to an expert analysis.

Withdrawing from NAFTA will cost the U.S. nearly 2 million jobs according to an expert analysis. It has been reported that Canadian Prime Minister Justin Trudeau believes that U.S. President Donald Trump is planning on an exiting the agreement.

A new economic analysis for the Business Roundtable shows that the net loss of U.S. jobs would total 1.8 million within the first year, according to the study, which was prepared by Trade Partnership Worldwide.

Exiting NAFTA would cause an increase in prices for American consumers. In addition to price increases, an exit by the U.S. would greatly diminish American trade with Canada and Mexico.

Leaving the three-nation deal would reduce U.S. exports to Canada and Mexico by 17.4 percent each, lower American companies' global exports by 2.5 percent and diminish the purchasing power of the average U.S. household by nearly $654 because of higher prices and lower wages caused by increased tariffs, the study showed.

Comments