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VANCOUVER, Aug. 17 (Xinhua) -- U.S. President Donald Trump's complaints over America's trade deficits with its North American partners shows a failure to understand or accept macroeconomic fundamentals Cheap Zlatan Ibrahimovic Jersey , say trade experts from the University of British Columbia (UBC) Thursday.
Throughout the presidential campaign and in the first seven months of his presidency, Trump has blasted the North American Free Trade Agreement (NAFTA) as the worst trade deal ever signed. His foremost pretext has been that the U.S. is suffering from a major trade deficit with Mexico, and to a lesser extent, a deficit with Canada as well.
Last year, the U.S. exported 229 billion U.S. dollars in goods to Mexico and imported 294 billion U.S. dollars in goods from Mexico, a trade deficit of 64 billion U.S.dollars Cheap Victor Lindelof Jersey , according to U.S. census figures.
In that same period, the U.S. exported 266.8 billion U.S. dollars in goods to Canada, while importing 277.7 billion U.S. dollars in goods, a trade deficit of 10.9 billion U.S.dollars.
On Wednesday, U.S. trade representative Robert Lighthizer said in Washington that his team is aiming to completely overhaul the tri-lateral trade pact between Canada, Mexico and the U.S. Cheap Timothy Fosu-Mensah Jersey , and was looking for much more than just tweaks to the 1994 treaty.
"We feel that NAFTA has fundamentally failed many, many Americans and needs major improvement," he said.
Earlier this week, Canada's Foreign Affairs Minister Chrystia Freeland pointed out that NAFTA countries collectively account for one-quarter of the world's GDP, with only 7 percent of the world's population.
Trump's attacks on America's trade deficits ignores how integrated the three North American economies have become, and treats the pact as a competition instead of a mutually beneficial agreement Cheap Sergio Romero Jersey , UBC trade expert Werner Antweiler told Xinhua on Thursday.
"There are people in the Trump administration, including the president himself, who just don't understand macroeconomics, and this obsession with trade deficits is misplaced," Antweiler said.
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