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By Cafe Hayek (Reporter)
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Bonus Quotation of the Day…

Monday, October 3, 2016 15:01
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(Before It's News)

(Don Boudreaux)


… is from Mary O’Grady’s column in today’s Wall Street Journal; it’s titled – appropriately and accurately – “Trump’s Nafta Mistakes Are Huge“:

Donald Trump said during the first presidential debate that the North American Free Trade Agreement (Nafta) “is the worst trade deal maybe ever signed anywhere, but certainly ever signed in this country.” Such hyperbolic rhetoric—butchered syntax and all—was undoubtedly cheered by his base. But it is not supported by the facts….

The Republican is promising to force a renegotiation of Nafta. But he doesn’t seem to realize that Mexico gave up more tariff protection than the U.S. did when the agreement was signed in 1993. If Nafta is reopened, Mexico is unlikely to accept new limits on its access to the U.S. market. If a standoff leads to the end of Nafta, both countries would revert to their commitments under World Trade Organization rules and the existing “most-favored nation” tariff schedule. That would hurt, not help, the U.S. economy.

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