Statement By Senator John McCain on President Trump's Commitment to Renegotiate NAFTA

Statement

U.S. Senator John McCain (R-AZ) released the following statement on President Trump's statements today reaffirming his commitment to renegotiate the North American Free Trade Agreement (NAFTA):

"I'm deeply concerned by President Trump's statements today reaffirming his commitment to renegotiate the North American Free Trade Agreement (NAFTA). While renegotiations could help to strengthen and modernize NAFTA to benefit American businesses and consumers, any effort to restrict or impose new barriers on our ability to trade with Mexico and Canada could jeopardize the future of this trade agreement and have serious consequences for Arizona and the country.

"Facts are stubborn things, and the facts clearly show that NAFTA has delivered enormous economic benefits to the citizens of my home state since it went into effect in 1994. In just two decades, Arizona's exports to Canada and Mexico have increased by $5.7 billion, or 236 percent. Today, international trade supports more than one-in-five jobs in Arizona, which pay roughly 18 percent higher salaries. Imports to the state have also lowered the cost of raw materials, allowing Arizona companies to remain competitive and reducing costs for Arizona consumers. Free trade stimulates economic growth, creates higher paying jobs, reduces the cost of goods and services, and deepens our relationship with key allies around the world.

"The free flow of trade has been the foundation of U.S. economic policy for decades, and a major factor in our prosperity and greatness. We should not have to relearn the lessons of history. Retreating from NAFTA and other international trade agreements will harm our ability to compete in today's global economy, raise costs for consumers, threaten jobs, and undermine our relations with our closest neighbors."

IMPORTANT FACTS ABOUT ECONOMIC IMPACT OF NAFTA ON ARIZONA:

Mexico is Arizona's number one trade partner, accounting for nearly 30% of all Arizona's exports to foreign markets, and with more than $16.8 billion in total trade with Mexico in 2015.

This is twice the state's exports to Canada, China, the United Kingdom and Germany combined

Arizona exports to Mexico include manufacturing products and agricultural goods that originate in the state.
Manufacturing between Arizona and Mexico is highly integrated, with parts often crossing the border several times before the final product is produced.

111,200 Arizona jobs directly depend on bilateral trade with Mexico.

Around 65,000 Mexican visitors come to Arizona every day to shop and spend $7.8 million daily in Arizona.

Mexico is Arizona's largest foreign supplier, with a share of almost 40% of its total imports totaling $7.6 billion in 2015.

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