It’s safe to say that the United States of America is one of the top leading nations regarding imports and exports of goods and services. North America’s main trading partners are Canada and Mexico, and a minimum of $1 trillion are traded between each other annually. Trading between countries is a huge aspect of the economy because it’s beneficial for both countries to produce the goods and/or services in which they possess comparative advantage in. If America were to stop importing from every foreign country, there would be tremendous impacts on GDP, inflation, and unemployment. You may notice products you see in your daily life that say “Made in China,” or some other country, but if the United States implemented a policy in which they completely stopped importing from foreign countries, then those products will cease to exist in your life.
It’s possible the U.S. will produce similar goods, but the cost will be higher causing inflation. Consumers want to find the best and cheapest deals so they will be quite unhappy to find out they are spending more money. When products are no longer used, the workers that produce the goods in the foreign countries will be out of jobs; and if a powerhouse like North America stops importing, millions of jobs will be lost, significantly increasing unemployment. Third-world countries will be hit the most as they depend on these production jobs to survive. In an article called, “Florida Tomato Growers Say Mexico Trade Deal Is Rotten,” written by Ted Robbins, he states that half of tomatoes consumed in the U.
S. is from Mexico, and Floridian tomato growers aren’t pleased with that. There was an agreement which prevented Mexican growers from selling tomatoes below a reference price, but they allegedly have been selling them for less than it costs to produce them. Florida growers have been pushing the Obama administration to end the price agreement, but there will be several consequences from ending the agr.