Bill Clinton: “The answer to both questions is yes. And let me explain that. Let's just take computers because that's an easy example.…”

“The answer to both questions is yes. And let me explain that. Let's just take computers because that's an easy example. If you take computers, there's a 20 percent tariff on all computers made outside of Mexico for sale in Mexico, on our products, on European products, on Japanese products. If this agreement goes through, the tariffs will be phased out on American products; they will maintain the same tariffs on Japanese and European products. So we will get a trade advantage over them in the Mexican market, in return for which they will get more access to American investment throughout their country. If we don't do it, what will happen? They'll go get the money from Japan or Europe, and they'll give them the same deal. And they won't be nearly as concerned as we have been at what effect this has on American wages and on the environment, because they don't live next door to Mexico. I mean, what would you do? If I were the Finance Minister of Japan, on the day after Congress voted down the North American Free Trade Agreement, I'd get on an airplane and go to Mexico City and cut a deal. That's what I would do. And the risk of that is very high. That's one reason why, in addition to these others--I should have said this in my talk--every living former President, every living former Secretary of State, every living former Secretary of the Treasury, every living Nobel Prize-winning economist, and 41 of the 50 Governors have endorsed this. You know, these economists, they disagree on more stuff than all the living former Presidents do. You might think any one of us would do something wrong to you, but surely not all of us would at the same time, right? [Laughter] And that's one reason. Next question.”