As released on May 18, the Trump administration is moving forward with its intent to renegotiate the North American Free Trade Agreement (NAFTA). According to the amended Trade Act of 1974, any time a newly proposed trade agreement comes about, all interested persons have an opportunity to present their views on it. Now is the time to submit comments regarding renegotiations of NAFTA and how it may affect certain industries or people.
In 1994, NAFTA went into effect under the Clinton administration. An idea that came about in the 1980s under President Reagan that allowed free trade between the United States, Canada and Mexico came with two main goals: to expand North American trade and to make these countries more competitive in the global marketplace.
The agreement has seen some success since it was put into effect 23 years ago. It has increased North America’s competitiveness in the global marketplace and tremendously boosted trade. It also lowered prices on commodities such as oil and produce. However, there have been costs to those successes, especially within the U.S. agriculture industry. Though the agreement lowered prices for produce, it heavily decreased the demand for American agricultural commodities, forcing some farmers around the country to either sell their land or test out alternative crops that may sell. Although not all agricultural products are being negatively affected by NAFTA, the ones that are take a big hit.
Comments may be submitted in writing or orally at the public hearing scheduled for Tuesday, June 27. The deadline to submit written comments or provide intent of attending the public hearing is Monday, June 12 in Washington D.C.
For more details on the submission process, click here.
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