Economics
...o lift their tariffs and quotas on Latin America bananas. This led to the U.S. being able to impose tariffs on those European nations goods. The U.S. imposed a 100% tariff (meant to punish). This meant the price on goods doubled in the U.S. In the last few years this war came to an end, both nations and all their tariffs were lifted and a settlement was established. The tariffs will be lifted totally in 2006. NAFTA (North America Free Trade Agreement) In 1989 the U.S. and Canada formed a free trade agreement and in 1992 this agreement was extended to Mexico and all three nations were able to trade freely between each other. This agreement became known as NAFTA and became effective on Jan 1, 1994. (Tariffs and quotas were placed in over 8,000 goods but will be phased out in 2009) Mexico’s average tariffs rate on U.S. goods fell from 10% in 1993 to 1.6% by 1999. The U.S. tariff on Mexican goods fell from 4% in 1993 to 0.4% in 1999. El Paso Times Aug 10, 1999 Since 1994, the U.S. dept of labor certified that 10,000 job...