USA HISTORY

Detailed explanation-1: -Trade is critical to America’s prosperity-fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.

Detailed explanation-2: -The North American Free Trade Agreement (NAFTA), which was enacted in 1994 and created a free trade zone for Mexico, Canada, and the United States, is the most important feature in the U.S.-Mexico bilateral commercial relationship.

Detailed explanation-3: -A trade deficit means that the United States is buying more goods and services from abroad (importing) than it is selling abroad (exporting). U.S. imports are paid for by exchanging dollars into foreign currencies by foreign companies, which leads to dollars leaving the U.S.

Detailed explanation-4: -A trade deficit occurs when a country’s imports exceed its exports during a given time period. It is also referred to as a negative balance of trade (BOT).