Final answer:
Criticisms of NAFTA include job losses due to outsourcing, an increase in income inequality, and its function as a tool of globalization favoring corporate interests. It did not, however, increase import taxes or decrease trade among U.S. neighbors.
Step-by-step explanation:
Criticisms of the North American Free Trade Agreement (NAFTA) relate to various economic and social issues resulting from the agreement. Some argue that NAFTA has caused a loss of jobs due to outsourcing, as employers relocate to Mexico to capitalize on lower wages, echoing the "giant sucking sound" that H. Ross Perot predicted. Additionally, critics claim that NAFTA has contributed to an increase in income inequality and an influx of immigration from Mexico as workers seek employment, which challenges the initial expectation of job growth in the U.S.
It is also critiqued as a component of globalization that favors corporate interests, leading to what some describe as corporate colonialism. However, it is essential to note that NAFTA did not lead to an increase in taxes on imports, as it aimed to reduce trade barriers. Furthermore, it did not cause a decline in trade among U.S. neighbors; instead, trade flow across borders increased.