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8 December 1993: NAFTA is signed into law

President Clinton signed legislation implementing the North American Free Trade Agreement, which removed most tariffs between the US, Canada and Mexico starting in 1994. Supporters promised more trade and growth; critics warned of a giant sucking sound of jobs heading south. Both had a point. Trade among the three countries grew enormously, while some manufacturing communities felt the pain for decades.

The lesson: Big policy changes create both winners and losers, often in different places.

8 December 1993: NAFTA is signed into law