Fed’s Kaplan optimistic on trade agreements with Mexico, Canada

6/2/2017 Reuters

map north americaDallas Federal Reserve Bank President Robert Kaplan said on Friday he is optimistic the United States will successfully forge new trade agreements with Mexico and Canada, but that he worries about a rising anti-American tone and rhetoric in Mexico.

U.S. President Donald Trump has said he plans to remake the North American Free Trade Agreement (NAFTA) to get a better deal for American workers. Kaplan on Friday reiterated his view that trade with Mexico in particular boosts U.S. jobs and competitiveness, and that neither immigration nor trade hurts U.S. workers overall.

“I am optimistic about our ability and the likelihood” that the United States will forge new trade agreements with its neighbors, but that the relationship with Mexico becoming more tense, Kaplan said. He said immigration boosts the labor force, whose growth is slowing because of the aging U.S. population. “If we curtail trade, if we curtail sensible immigration, we make the problem worse.”

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