Few are aware that NAFTA (North American Free Trade Agreement) has rendered us uncompetitive in the world, destroyed our industrial base, caused us to outsource most of our production, and killed most of our manufacturing jobs.
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In order to gain acceptance into the World Trade Organization (WTO), nations are required to meet certain regulations to open their markets up to foreign exports. This includes the abolition of things like tariffs or any other number of practices that could be interpreted by the WTO as “barriers to trade.” Countries are expected to continue adhering to these regulations and restrictions for as long as their membership is current. And the United States has mostly held up its end of the deal, in spite of the handcuffs that WTO policy has placed on economic growth.
China now has accumulated $3.8 trillion in convertible currency reserves. This has happened through their escalating balance-of-trade surpluses with America – they sell to us much more than we sell to them. In the process, China has been instrumental in putting many of our American manufacturers out of business.
In the years the United States has been a part of NAFTA, we have seen scores of jobs lost, immigration problems worsen, and our manufacturing base decimated when factories moved out and crossed the border to Mexico. Many politicians in the past two decades have claimed they want to fix NAFTA, but not one has been successful.
“Free trade” is destroying America. “Free trade” is unrestricted access by foreign companies to everything we have — to buy, to sell, to knock out any business at will. We are doing nothing to stop it — in fact we are encouraging it in “free trade.” One example is the automobile industry — the rest of our former great industries are now following.