美国国家公共电台 NPR U.S. Companies Uncertain Of NAFTA Trading Under Trump Administration（在线收听）

RACHEL MARTIN, HOST:

Present Trump's threat to change America's trade relationship with Mexico has got businesses on both sides of the border concerned. As Frank Morris of member station KCUR reports, this includes a 130-year-old railroad called Kansas City Southern.

FRANK MORRIS, BYLINE: I'm standing in a rail yard where Kansas City Southern trains are assembled to head south to Mexico carrying American corn, chemicals and car parts. They come back loaded with stuff like refrigerators, finished cars and beer. This is old-school, steel-in-the-ground, heavy industry, built slowly over decades, largely around trade with Mexico.

JASON SEIDL: They are the NAFTA railroad. So anything that's going to negatively impact potential trade with Mexico is going to be a negative for Kansas City Southern.

MORRIS: And Jason Seidl, who's a railroad analyst with Cowen and Company, says Donald Trump's presidency threatens that trade. He's targeted the nearly $60 billion trade deficit with Mexico by threatening to punish companies moving production there and adding a tariff. As he told Scott Pelley on "60 Minutes," he's taking a hard look at NAFTA.

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SCOTT PELLEY: But there is a North American Free Trade Agreement.

PRESIDENT DONALD TRUMP: And there shouldn't be. It's a disaster.

PELLEY: But it is there.

TRUMP: OK. Yes.

PELLEY: You're president. You're going to have to live with it.

TRUMP: Excuse me. We will either renegotiate it, or we will break it.

MORRIS: The stock market is up sharply since Trump's election, with investors betting that lower taxes and less regulation will boost most companies' bottom lines. The Dow Jones Railroad Index has climbed about 25 percent since the election. But Seidl says that Trump's protectionist threats have pushed down the price of Kansas City Southern's stock.

SEIDL: Uncertainty is sort of the No. 1 killer for stock performance. And that's what we have right now. We're one tweet away from it underperforming the group that day. And, you know, based on the president's current tweet rate, I mean, that's (laughter) - that can be a lot of tweets between now and the end of the year.

MORRIS: And it's not just tweets.

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UNIDENTIFIED REPORTER: Ford Motor Company executives say they are dropping plans to build a $1.6 billion assembly plant in Mexico.

TONY HATCH: This was a big plant, and it was going to be served by Kansas City Southern. And it had business going north and south. And that would have been a minor blow. I think the symbolism makes it a major blow.

MORRIS: Tony Hatch with ABH Consulting says Kansas City Southern serves about a dozen other Mexican auto assembly plants, so losing one new one isn't crushing. But Hatch says that President Trump is upending carefully laid plants on both sides of the border.

HATCH: For Kansas City Southern, it's been very painful, right? So they've done everything they could. They've invested a lot of money. They've created a really good network. So all of a sudden, you're playing some kind of complicated game. And you get, you know, right to the point where if - you're going to be a leader in the game, and they say, oh, sorry, here's a new set of rules.

MORRIS: Of course, NAFTA has long inspired fierce opposition, traditionally from the left. And opponents argue that a new set of rules is long overdue. NAFTA's been in place for almost a quarter of a century. Its critics say the agreement has cost hundreds of thousands of American jobs and depressed American wages. Supporters say it's boosted trade with Mexico enormously and kept prices down for consumers. Andrew Selee, vice president of the Woodrow Wilson Center, argues that the free flow of capital and goods has actually preserved North American manufacturing.

ANDREW SELEE: Getting closer together on trade is a good thing for all the economies. We're able to compete against, you know, Europe and Asia and other parts of the world.

MORRIS: Few think trade between the U.S. and Mexico is likely to shut down altogether, but it's likely to change under this administration in ways that seem increasingly hard to predict.

For NPR News, I'm Frank Morris in Kansas City.

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