As discussions continue regarding NAFTA and the U.S. and Canada work toward an agreement, NAIOP has released a statement on this important matter:
Since 1994, the North American Free Trade Agreement (NAFTA) has established commerce rules and regulations among the United States, Canada and Mexico, and has created a hospitable environment for all investors in all sectors – including those in commercial real estate.
The U.S. and Mexico have reached a tentative agreement to update the pact, but the U.S. and Canada have not yet resolved their differences. Since negotiations began, the Trump administration imposed tariffs of 25 percent on Canadian steel and 10 percent on Canadian aluminum, and Canada responded with its own 25 percent tariff on American steel.
NAIOP is, and always has been, a proponent of open, free and fair trade between the U.S. and Canada. We oppose these tariffs because they harm economic activity in both countries. Canada is one of the top sources of new foreign direct investment in the United States, and a trade war endangers jobs on both sides of the border. There are 14 million U.S. jobs supported by trade with Mexico and Canada, and one out of every six Canadian jobs is related to exports.
NAIOP strongly supports cross-border investment and free trade throughout North America and believes that NAFTA should be maintained as a trilateral agreement.
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About NAIOP: NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 19,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit naiop.org.