A free trade inflection point first united bank sanger tx first united bank trust
A free trade inflection point first united bank sanger tx • Facebook • Twitter • Share Is free trade in trouble? A new survey by Angus Reid found that only one in four Canadians thinks the North American Free Trade Agreement is good for Canada. My bank first united inwood wv One in four think it is bad for our country, and one in three would like it to be renegotiated.
South of the border, Donald Trump has described NAFTA as a disaster, and Hillary Clinton opposes the Trans-Pacific Partnership. First united bank pauls valley Over the pond, the UK has just voted to exit the European Union, fuelling protectionist sentiment in other European nations, and potentially derailing CETA, Canada’s free trade deal with the EU. First united bank denton tx These developments serve as an unwelcome backdrop
to this week’s Three Amigos Summit, the regular
gathering of the leaders of Canada, Mexico, and the United States. First united bank denton texas In response, upon his arrival in Quebec City today, Mexican President Enrique Pena Nieto made a pitch not only for freer North American trade, but full-out economic integration.
“Canadians and Mexicans alike share values and development goals and we also share a single vision of the world we want,” Mr. First united bank in pauls valley ok Nieto said. First united bank lamesa “Let us take stock of our affinity and agreement to bolster innovation and environmental sustainability and also to foster the economic integration of North America.” In the current climate, that could be a tall order.
Smaller trade and mobility issues will likely see some progress: Nieto is no doubt hoping that Prime Minister Justin Trudeau will follow through on a 2015 Liberal campaign promise to remove Canada’s VISA requirement for Mexican travellers, while Ottawa is looking to Mexico to lift its ban on Canadian beef, imposed in response to the BSE scare in 2003. First united bank tecumseh ok And in the green energy sector, CBC news reports that the US and Mexico are set to announce a deal to source 50 per cent of their electric from renewable sources by 2025. First united bank mckinney tx Of the three amigos, Trudeau has the most to smile about – and is probably the best positioned to advance pro-free trade arguments, given that he is not facing an election for another three years and enjoys high approval ratings at home and abroad. First united bank in madill ok But on larger issues, such as the US Congress’ ratification of the Trans Pacific Partnership (TPP), storm clouds continue to gather.
Part of the problem is the unequal benefits conferred by free trade: while some sectors have profited dramatically, others have suffered, most notably manufacturing. First united bank ok According to the Council on Foreign Relations, a US think tank, income inequality in the United States has risen in recent years, exacerbated by trade deals that according to senior fellow Edward Alden “reinforced the globalization of the American economy.” Millions of Americans in the Midwest and rust belt states blame free trade for costing them their jobs – and shipping them to other countries, including Mexico. First united bank hours In an election year, these legions of the disenfranchised have flocked to candidates such as Donald Trump and Bernie Sanders, whose protectionist pronouncements speak to their distress.
Furthermore, as more and more countries conclude bilateral agreements with each other, the value of “freer” trade is diminishing. First united bank sapulpa CNBC reports that according to the World Bank, the average tariff among TPP countries is only three to four per cent, roughly the cost of transporting the affected goods, and not enough to spur a massive increase in trade. First united bank amarillo In the US, a study published in May 2016 by the United States International Trade Commission concluded that the TPP would add only 0.15 percentage points to U. First united bank and trust routing number S. First united national bank and trust economic growth over the next 15 years, and produce a 0.07 percentage point rise in employment.
This law of diminishing returns, combined with short memories, makes it easy to ignore the benefits that globalization has conferred, particularly on the world’s poorest citizens. First united bank sanger According to the World Bank, over the over the past 25 years, the value of global trade has grown five-fold. First united bank in lubbock texas Over the same period, the global poverty rate has been cut in half, lifting one billion people out of “extreme poverty.
” This growth has been fuelled mainly by export-driven markets, such as China’s, where the challenge now is not so much to increase access to foreign markets, but to boost domestic demand and maintain the growth of its middle class. First united bank colbert ok Canada has also seen considerable growth due to North American free trade: since 1993 U. First united bank sapulpa ok S. First united bank madill oklahoma and Mexican investments in Canada have tripled, and our economy has added 4.7 million new jobs.
Of the three amigos, Trudeau has the most to smile about – and is probably the best positioned to advance pro-free trade arguments, given that he is not facing an election for another three years and enjoys high approval ratings at home and abroad. First united national bank At this summit and beyond, our prime minister should use that capital to advance a free trade agenda with a human face.
He should start by conceding that not all workers will be winners – and that the challenge for governments is not to stand athwart of trade, but to help those displaced by it, so that they do not fall between the cracks. First united bank sanger tx The state can play a positive role in a changing economy, through training, education, and other measures designed to help workers navigate the transitions.
It’s not about keeping people out, but lifting them up. First united bank oklahoma city ok In this climate of fear, trade needs an ambassador of hope – and Trudeau could be it. First united bank in denton tx A free trade inflection point first united bank sanger tx