One week in, Trump says he'll 'probably' cancel NAFTA
25 August, 2017, 01:23 | Author: Celia Hoffman
President Donald Trump has been critical of the existing deal and has threatened to exit altogether if the US doesn't reach terms more favorable to American manufacturing. I personally don't think you can make a deal without termination but we'll see what happens. It's not the first time the President has threatened to withdraw from NAFTA.
Despite all those warnings, many Mexican business and political leaders remain upbeat about the chances of a deal, including one that might boost trade on both sides of the border and modernize an agreement made in the early 1990s, before the e-commerce age took off.
Not all cards were put on the table, the source added, saying that during four four-hour sessions on rules of origin, the United States did not reveal its proposed targets for boosting North American and USA content for the automotive sector.
The Canada-U.S. two-year bond spread stood at -5.3 basis points, while the 10-year spread stood at -28.8 basis points.
The Trump administration favors stricter rules on how much NAFTA content auto parts need to have to qualify for duty-free treatment - a desire the auto workers' union embraces and the vehicle industry dislikes.
"It's hard to speculate on what the specific ... interests are going to be from the US and Mexico", she said.
"I don't think we can make a deal because we have been so badly taken advantage of", Trump said at a campaign-style rally in Phoenix on August 22.
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"NAFTA has been incredibly successful for our industry", said Jennifer Myers, a spokeswoman for the National Corn Growers Association.
The president had made the same threat in April but then reversed himself after a pushback from American businesses, especially farm groups, which have benefited from expanded access to the Mexican market resulting from NAFTA.
In this respect Videgaray commented that the USA citizens consider that the economic interests of their country are being affected. Either that or officials have been privately told that Trump's rhetoric isn't the official position.
"You can have a tax cut, but if you have a trade war, that is going to impact the economic growth", Mr Cardillo said.
Its foreign minister, Luis Videgaray, said Wednesday that talks are continuing and if Trump really wanted to break up Nafta he would have done so already.
During opening remarks at the start of the renegotiation talks, U.S. Trade Representative Robert Lighthizer said NAFTA "has fundamentally failed many Americans and needs major improvements", adding that Trump isn't interested in "a mere tweaking" of a few provisions and chapters. "However, it's more important to negotiate a good deal that sets a strong precedent for trade agreements that are going to be negotiated in the future".
Taylor said the Charlottesville violence and the criticism of Trump's reaction to it are leading to an increase in pressure on Mexico.
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