Answered: Discuss the pros and cons of free…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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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