The Truth About Trump’s ‘Tremendous’ New Trade Deal with Mexico

28 August, 2018, 19:57 | Author: Gerard Cortez
  • Trump announces 'really good' NAFTA deal with Mexico

The tentative agreement would revise details in the North American Free Trade Agreement, which Trump vehemently opposes and wants to scrap in favor of a new trilateral deal, or separate bilateral deals with Mexico and Canada.

Trump backed off from an initial US demand for a "sunset" clause that would kill the pact unless it was renegotiated every five years and which businesses said would stymie long term investment in the region.

"I think it's an elegant name", Trump said at an event Monday at the White House. It has a bad connotation because the United States was hurt very badly by NAFTA for many years.

Some Republicans in the US Congress called the deal a positive step but said Canada must be part of the new pact to avoid hurting US jobs.

A Canadian government official told Bloomberg on Monday that a deal is possible this week, but only if both sides make concessions. Maybe. Today, Canada's foreign minister, Chrystia Freeland, is in Washington to get her country in on the NAFTA rewrite.

It would be hard to imagine Congress approving anything that did not include Canada, the nation's third largest trading partner behind the European Union and China.

The US wants to increase the percentage of every auto that must be sourced from a NAFTA nation to move freely across the borders of the three NAFTA nations.

Trump and Pena Nieto have also agreed that 40 to 45 per cent of each vehicle manufactured must be build by workers earning more than $16 an hour.

"Kansas farmers and ranchers continue to struggle with low commodity prices, made worse by retaliatory tariffs against US agricultural exports", said Sen.

"Canada is [now] going to be presented with more of a take-it-or-leave-it offer", CIBC Economics analyst Avery Shenfeld said. Higher labor standards: The new deal would require that 40% to 45% of auto parts in cars sold be made by workers earning at least $16 Dollars per hour.

Tucker Carlson Stands by South Africa Commentary After Trump Tweet Backlash
They don't believe in land expropriation of without compensation. Republican administration, mainly over U.S. support for Israel. The ANC has long had a strained relationship with the U.S.

It means at least 75 per cent of a product must be made in the two countries for it to escape any form of tax. If the parties agree to continue with no changes, it will be renewed for another 16 years.

Workers at a General Motors plant in the city of Silao, in the state of Guanajuato, Mexico.

Trump is announcing a trade "understanding" with Mexico that could lead to an overhaul of the North American Free Trade Agreement. However, he added later that "one way or the other, we have a deal with Canada". "If Canada's not in, we'll notify that we have an agreement with Mexico and we're open to Canada joining us".

It's not final, since Canada is still involved in the NAFTA process, but Trump said the U.S. and Mexico could move forward with a bilateral agreement if the Canadians drive a hard bargain.

In May, the United States imposed steep tariffs on steel and aluminum from much of the world, including Mexico.

Trump once again criticized Canada's supply managed dairy industry on Monday.

Cannabis stocks such as Cronos Group and Tilray were among the best performers for the Nasdaq, both climbing more than 20 percent in Monday trades on hopes of more deal-making between alcohol and cannabis companies.

After mid-level trade talks in Washington last week ended with no agreement, a person familiar with the discussions said that Chinese officials had raised the prospect of suspending talks until after U.S. congressional elections in November.

"For more clarity, maybe ask the Mexicans", the official said.

"If they would like to negotiate fairly we will do that".


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