CNBC Power Lunch provides an overview of the major differences between NAFTA and the USMCA agreement, particular when it comes to automobiles, access to Canadian dairy markets, and changes in product markets from technological advances.
Milton Friedman — Free Trade and the Steel Industry
Dr. Friedman discusses the benefits of free trade and the inconsistencies of placing tariffs and quotas on the steel industry in order to increase domestic production. He notes (around the 2:00 minute mark) that allowing for free trade would reduce employment in one sector of the economy, but it would increase employment in other sectors.
Thanks to Jacob Clifford for the suggestion!
Jimmy Kimmel Live — 2nd Grader Explains Trade Deficits
With the recent stretch of tariffs being imposed on other countries (and other countries on us), Jimmy Kimmel uses some of his showtime to interview 2nd graders about the trade deficits. The basis of the segment comes from Trump’s misguided tweet regarding trade deficits and why a trade war won’t hurt the US:
Shiloh, our 2nd grader, explains the pros and cons of international trade, including the potential for lost jobs in the US and unsafe working conditions abroad. She also highlights the pros of trade by noting countries are able to buy more things, create jobs in exporting industries, and bring countries together.
Thanks to Abdullah Al-Bahrani for the post!
Marketplace — The Problem with NAFTA
A brief background of NAFTA and the problems of exiting NAFTA. A good discussion within the video covers the parties that gain and the parties that loses from NAFTA. A good note in the video is that the jobs that are lost are different from the jobs that were gained.
Ferris Bueller’s Day Off: Anyone?
I like to use this clip in my first lecture to show students how I don’t want class to end up? Ben Stein plays the economist that none of us want to be! He somehow takes a really exciting subject and makes it dreadfully boring.