money
December 6, 2017

The Cost of No NAFTA

 |  By: Mike Opperman

Analysis provided by the Business Roundtable, an association of CEOs of leading U.S. companies. Information taken from the U.S. Census Bureau Trade Analysis Information System shows the costs of not having NAFTA on U.S. businesses and farmers. 

  • U.S. businesses and farmers exported $570 billion in goods to Canada and Mexico in 2015. Without NAFTA, Canada and Mexico could have assessed new tariffs or taxes averaging 3% — or up to $15.5 billion — on those U.S. goods exports, triggering reductions in U.S. exports.
  • U.S. food manufacturers exported $25 billion in food products to Canada and Mexico in 2015. Without NAFTA, those exports could have faced up to $3.8 billion in extra tariffs — including tariffs averaging 28.3% on meat products and 22.0% on dairy products.
  • U.S. farmers and ranchers exported $15 billion in farm products to Canada and Mexico in 2015. Without NAFTA, those exports could have faced up to $657 million in extra tariffs — including tariffs averaging 6.6% on oilseeds and grains.
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