What Is The Pros And Cons Of The North Atlantic Free Trade...

After 27 months of negotiation, the North Atlantic Free Trade Agreement (NAFTA), a trade agreement between the three north American countries: Canada, United States, and Mexico, was put into effect on January 1st 1994. NAFTA was developed to increase trade among the three north American countries while simultaneously promoting each countries’ economy growth. However, the United States faces a new government, and President Trump believes that NAFTA should be renegotiated to modernize the trade agreement instead of removing U.S participation. Some of these renegotiations, include: Trade in goods, Investment, Digital Trade, Cross-Border Data Flows, Government Procedure, etc, take into account the changes in the economy since 1994. This new†¦show more content†¦Just in 2017, â€Å"there were nine bankruptcies†¦where more than 10 stores announced store closure† (Thompson). One of the main attributes that caused the fall of store closures is the rise of online sales in venues like Amazon or eBay. This phenomenon not only attracts US consumers, but it also has incentivized foreign shoppers, specifically those in Mexico and Canada, to purchase American goods on online platforms like Amazon. NAFTA renegotiations, beginning on August 16th 2017, includes digital trading on account of a rise in online sales. Digital Trading is defined as the â€Å"scale of consumer products on the internet and the supply of online services† (Lighthizer). The Digital Trading issue arose due to the fact that online sales have increased as well as the block that current tariffs that places online trading between NAFTA countries. This block occurs because a tariff is placed on imported goods. A tariff is basically a tax imposed on goods that are imported into a country, whereas duty-free means import goods are tax free (â€Å"tariff† and â€Å"duty-free†). The Canadian limit on tax free goods is the lowest in the world while the U.S has the highest (Alini). Furthermore, Mexico has a $50 duty-free threshold, Canada a $20, and the United States a $800 (Gillespie). This means thatShow MoreRelatedGeography Exam Review Essay1411 Words   |  6 PagesGeography What is geography? What do geographers study? How is geography interdisciplinary? What is cartography and GIS? What is the grid system and its parts? What are map projections, and how do they distort the Earth? What is a region and how are they determined? What is a transition zone? What are interregional linkages? What are the internal forces and external forces that shape the physical environment? What is plate tectonics, and how does it shape the Earth’s surface? What was PangaeaRead MorePros and Cons of Free Trade1495 Words   |  6 PagesGeography: Pros and Cons of Free Trade Few can contend that the world is more interconnected and interrelated more than ever. 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