Toomey why did the administration think it was worth renegotiating nafta . Was it that an unfair and balanced agreement . Was there a lack of reciprocity . Where the tariffs to high . No. To all of those questions. Nafta is a freetrade agreement. On 97 offs agricultural goods. No quotas. No obstacles. A to me is the epitome of free, fair, reciprocal trade agreement. Pennsylvania exports to mexico have grown. I think you can make a case that since nafta was signed in 1993, a lot has changed in the economy. We have this whole digital sector. Modernizing made sense. But that is not the reason they renegotiated nafta. Imports from mexico had grown more. And we have a trade deficit. A trade deficit with a country like mexico is insignificant economically to the u. S. That is not the view of the administration. Significantlyo diminish if not eliminate the trade deficit with mexico. That was the central motivating factor. That is why we have a lot of bad outcomes. It was the wrong intent in t
Thanks for the kind introduction and thank you for hosting this and giving me this chance to share my thoughts and have a conversation about what i think is an important topic. I appreciate everybody who came out, as well. I can, and one of the messages i get repeatedly from my staff, they like to take me aside, it doesnt mean you cant give a short speech and ill keep that advice in mind as i work through my remarks and look forward to the exchange with derek. So when i think of usmca, its a starting point about nafta. Why did the administration feel it was necessary to renegotiate nafta because that was the start of usmca. So was it that nafta was an unfair, imbalanced agreement or a lack of reciprocity or was it left that the tariffs left in nafta that they were too high and they were unacceptable obstacles to trade . No to all those questions. Nafta is a Free Trade Agreement and zero tariffs on 100 of manufactured goods and no quotas, no obstacles, and it me its the epitome of a fre
Speakers included a formal consultant from the office of the u. S. Trade representative and member of the White House Council of economic advisors. From the American Enterprise institute, this is two hours. Well start again. Good morning, ladies and gentlemen, im glad youre with us. Im alex pollock from the r street institute. And we welcome you on trade deficits and the Trump Administration. It goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flee of gold in old bays or reserves nominated in fiat currencies now have a long and controversial history in domestics and in politics. These debates feature the famous and essential contrast between the interests of producers on one side and those of consumers on the other, abiding asymmetry and pressures for adjustment between countries with persistent deficits like the u. S. Versus those with persistent surplus, germany for example. Naturally
Us. Im alex pollock from the r street institute. And we welcome you on trade deficits and the Trump Administration. It goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flee of gold in old bays or reserves nominated in fiat currencies now have a long and controversial history in domestics and in politics. These debates feature the famous and essential contrast between the interests of producers on one side and those of consumers on the other, abiding asymmetry and pressures for adjustment between countries with persistent deficits like the u. S. Versus those with persistent surplus, germany for example. Naturally throughout this is the desire of politicians to get and remain in office. Political economy is certainly the accurate term here. Discussions of trade deficits cannot be divorced from the International Monetary system, levels of Exchange Rates or role of the u. S. Dollar as the d
Public service by americas Cable Television companies. It is brought to you today by your cable or satellite provider. The American Enterprise institute here in washington, d. C. Posted a Panel Discussion on the impact of efforts to reduce the usa trade deficit. Following their presentations and rebuttals, panelists answered questions from the audience. There we go. Well start again. Good morning, ladies and gentlemen, im glad youre with us. Im alex pollock from the r street institute. Its a pleasure for us to welcome you to this timely conference on trade deficits and the Trump Administration. It goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flow of gold in old days or reserves nominated in fiat currencies now have a long and controversial history in economics and in politics. These debates feature the famous and essential contrast between the interests of producers on one side and