American lawmakers in the 1930s learned the hard way what happens when a country raises tariffs and makes other unilateral trade decisions.
As the Trump team begins renegotiating NAFTA with Canada and Mexico, a key plank in its strategy – a threat to withdraw – may be a hollow one.
The administration's objectives for NAFTA negotiations with Canada and Mexico, set to begin in August, will do little to help American workers, let alone create shared prosperity across the continent.
The Trump administration's new deal with China, which won't benefit many workers, shows the pitfalls of pursuing bilateral agreements at the expense of multilateral ones like NAFTA.
President Trump wants to renegotiate or eliminate NAFTA because of its impact on U.S. trade, but the accord is also a cornerstone of continental cooperation on security issues as well.