To hear George Bush tell it, a free-trade pact between the U.S. and Mexico would be the next best thing to a free lunch. Abolishing trade barriers between the two nations would unleash a flood of new investment that would create hundreds of thousands of jobs on both sides of the border and help stanch the tidal wave of illegal immigration from Mexico into the Southwestern states. The only downside would be temporary "dislocations" in a few American industries until they can adjust to new economic realities.
But to the President's equally passionate adversaries, the proposed North American free-trade agreement would...
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