Fed’s Kaplan Says Immigration, Mexican Trade Make U.S. Stronger

1/18/2017 Bloomberg Markets

US dollarsFederal Reserve Bank of Dallas President Robert Kaplan said trade with Mexico protects U.S. jobs and immigration is key to the country’s long-term health, contradicting public positions taken by Donald Trump without directly naming the president-elect.

In remarks Wednesday to an audience in Dallas, Kaplan, a Fed policy voter in 2017, spelled out why their southern neighbor was already deeply integrated within the U.S. economy.

“Of the imports from Mexico to the United States, 40 percent of the content is U.S. content. These are production partnerships, integrated supply chains and logistics,” said the former Goldman Sachs Group Inc. executive. “These relationships have increased jobs not only in Texas but in the country, and improved U.S. competitiveness. If we didn’t have this relationship, these jobs would likely be lost.”

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