U.s. Trade Agreements And Trade Agreement - 1108 Words

right side part of the figure represents the percentage of the United States exports of goods and services to trade agreement partners. The United States have agreed that the 20 Free Trade Agreement partner countries are the most important market for exports from U.S. Table 1 below lists top seven goods and services, industrial area classification and each of their exported value of goods and services in the dollars (in billions). Table 1 U.S. Goods Exports to FTA Partners-Top 7 Billion U.S. Dollars, 2014 Petroleum Coal Products 67.7 Motor Vehicle Parts 41.2 Motor Vehicles 36.3 Computer Equipment 30.1 Basic Chemicals 27 Aerospace Products Parts 26.8 Oil Gas 23.7 U.S. Services Exports to FTA Partners Billion U.S. Dollars, 2013*†¦show more content†¦final good imports from Mexico consist of its own [U.S.] value added.† As Mexican officials have pointed out, â€Å"For every dollar that Mexico earns from exports, 50 cents are spent on American goods†. Even though the U.S imports most of the apparel and footwear, it is worth mentioning that those are innovated, designed and retailed in the U.S itself. These initiatives gave jobs to almost four million Americans. (U.S. Chamber of Commerce, 2015, p5) This section discusses the benefits of trade agreements on the U.S job market. The additional trade increased combined output of goods and services by around $300 billion. This in effect created or sustained jobs for 5.4 million Americans. This is the highest job market boost U.S had in recent times. Free trade reduces U.S jobs, but the statistics from the Bureau of Labor Statistics (BLS) in fact rejects that thought. They claimed that U.S manufactures added 800,000 of net jobs. After the North American Free Trade Agreement (NAFTA) came into effect the unemployment rate was reduced. The bureau also claimed that the remuneration tied to jobs related to international trade was 18% higher than other jobs. (U.S. Chamber of Commerce, 2015) The implementation of trade agreements improved the economic condition of various kinds of manufacturing industries. Small and medium size industries as well benefitted from and they consisted of one third of exports. Every state in the country benefitted from trade agreements. Even