A new 50-state economic analysis prepared for Business Roundtable reveals terminating the North American Free Trade Agreement (NAFTA) and re-imposing tariffs on exports and imports eliminated by the agreement would have a negative impact on Delaware that would total nearly $1 billion.
The study indicated the trade barriers would result in a net loss of 1.8 million American jobs.
The study – prepared by Trade Partnership Worldwide, LLC – shows that in Delaware alone, scrapping NAFTA would eliminate 5,538 jobs within a year and limit the competitiveness of small businesses across the state.
The analysis also finds withdrawal from NAFTA would:
- Reduce Delaware businesses’ exports to Mexico and Canada by more than $121 million, as higher tariffs make Delaware companies less competitive.
- Lower Delaware output by more than $479 million, limiting future growth.
- Shift economic activity away from North America and benefit economic competitors, increasing GDP and employment in countries like China.
- The total impact of nearly $1 billion for Delaware is higher than states with comparable populations.
For more information about how NAFTA benefits Delaware and the entire country, visit BRT.org/nafta-facts. |