Word: mexicanization
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Supporters see it as the best hope for escape from economic stagnation, a boost for trade and investment, a boon for employment, a lift for standards of living. Critics counter that it will strike a mortal blow at entire sectors of U.S., Canadian and Mexican industry, idling tens of thousands of workers whose jobs will move elsewhere, never to return. Europeans and Asians fret that it may accelerate a division of the world into giant protectionist trading blocs lurking behind new walls of tariffs and bureaucratic restrictions...
...gain. They contend that tens of thousands of workers will be laid off as U.S. companies shift production south to take advantage of industrial wages in Mexico that are roughly one-sixth of those in the U.S. and Canada. The U.S. auto industry alone could lose thousands of positions. Mexican workers earning less than $20 a day are already building hundreds of thousands of Ford Mercury Tracers and Buick Centuries in Hermosillo and Ramos Arizpe and shipping them north. Under the pact, the Big Three's presence south of the border will surely grow in the next few years...
...lost employment closer to home: manufacturers who move to Mexico are more likely to retain their proximate U.S. suppliers than are those who move to Asia. In fact, the trade pact may persuade many U.S. and other companies to shift production from low-cost Asian plants to low-cost Mexican plants, which could generate additional business for U.S. suppliers...
Zenith Electronics, for example, the leading U.S. producer of television sets, has already moved many of its operations from Taiwan to Mexico, and two months ago closed its Asian assembly plant altogether. Without a Mexican base, Zenith guesses, it would have lost about 4,000 U.S. jobs from its Chicago circuit-board plant and its Missouri molding and assembly factory. Another 2,000 to 5,000 supplier jobs would have vanished as well...
...Mexican stock market, which rebounded, no longer fearing his opposition to a U.S.-Mexico free-trade pact...