Answered: Discuss the pros and cons of free…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter18: Trading With Other Nations

Section: Chapter Questions

Problem 18AA

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Discuss the pros and cons of free trade.

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Although free trade and the effects of tariffs on the global economy are hotly debated topics, they are not new worries or ones that the US is addressing for the first time. The North American Free Trade Agreement, or NAFTA, was agreed to sign in 1994 by the U.s, Mexico, and Canada. It is one of the world's earliest and largest free trade agreements. All three countries agreed to lower tariffs and other trade restrictions. More than two decades later, proponents and opponents of free trade continue to debate its benefits and drawbacks, as well as the specific advantages and downsides of free trade agreements such as NAFTA.

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