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".

Recommended:

  • Ronaldo shoots another blank as Juventus beat Lazio 2-0

    Ronaldo shoots another blank as Juventus beat Lazio 2-0

    Lazio were second best for much of the contest and slumped to their second successive defeat following an opening loss to Napoli.
    John McCain: A life in pictures

    John McCain: A life in pictures

    Tributes have been paid to Republican senator John McCain after he died at the age of 81 following a battle with brain cancer . Vice President Joe Biden (unseen) at the Independence Hall in Philadelphia, Pennsylvania, U.S., October 16, 2017.
    South Koreans cross inter-Korean border for family reunion

    South Koreans cross inter-Korean border for family reunion

    The series of brief meetings reflect a thaw in diplomatic tensions between the governments of the two Koreas. Dozens of Korean families separated during the Korean War were finally reunited after decades apart.
  • Trump knocks former lawyer in tweet after Cohen’s guilty plea

    Trump knocks former lawyer in tweet after Cohen’s guilty plea

    Trump added in a tweet that is certain to raise speculation about whether the president might pardon Manafort at some point. On Tuesday, Trump's former personal lawyer and " fixer ", Michael Cohen , pleaded guilty to campaign-finance violations.

    China trade war escalates with new rounf of tit-for-tat tariffs

    But a pessimistic Mr Trump yesterday claimed the talks would make no real progress, saying: "I don't anticipate much". China's official Xinhua news agency said Beijing's own tariffs took effect at 12:01 p.m. local time, as scheduled.
    Amazon ruined its video game pre-order bonus for Prime subscribers

    Amazon ruined its video game pre-order bonus for Prime subscribers

    On the same day, Twitch - owned by Amazon - also announced the removal of a major Twitch Prime benefit: universal ad-free viewing. And if you bought an annual subscription, you'll continue to be able to watch without ads until your next renewal date.
  • Newcastle United v Chelsea

    Newcastle United v Chelsea

    Many Newcastle fans remain frustrated by owner Mike Ashley's refusal to let Rafa Benitez spend heavily in the transfer window. The Blues have varied from impressive to simply resilient thus far under new manager Maurizio Sarri .
    Why Modi Govt's Decision To Refuse Foreign Aid For Kerala Isn't Surprising

    Why Modi Govt's Decision To Refuse Foreign Aid For Kerala Isn't Surprising

    Rescue operations were carried out at a full force as almost 82,000 people were saved during the first day of the operations. Mr Issac, however, questioned the Centre's ability to foot the bill for the massive reconstruction the state needs.
    Alex Iwobi enjoying Arsenal life under Unai Emery

    Alex Iwobi enjoying Arsenal life under Unai Emery

    Namely, he believes Emery does not have the right players if he wants Arsenal to press like some of their top six rivals. Two games in and the Gunners are yet to secure a point in the league following defeats to Manchester City and Chelsea .
  • Mexico, US reach deal on NAFTA

    Mexico, US reach deal on NAFTA

    The agreement comes after a year of re-negotiations with Mexico, and the President said negotiations with Canada will begin soon. By definition, we buy more from them than they buy from us, which gives us the power any major consumer has over a seller.
    After slowing firefighters' internet, Verizon nixes caps for first responders

    After slowing firefighters' internet, Verizon nixes caps for first responders

    The county had reached its monthly data capacity under its internet plan that allows Verizon to significantly slow service. The company will also be releasing a new unlimited data plan for first responders.
    Trump Call For SEC To Study Reporting Rules Sparks Debate

    Trump Call For SEC To Study Reporting Rules Sparks Debate

    Publicly traded companies in the United States now file their earnings reports every three months, or four times a year. But scrapping quarterly reporting is not now on the SEC's near-term agenda, according to public records.


Popular

Manchester United's Jose Mourinho 'inspirational' to other managers - Mauricio Pochettino
United face a tough trip to Burnley this weekend before the global break, when a third defeat on the spin would be unthinkable. Manchester United were absolutely embarrassed on Monday, falling 3-0 to Tottenham at Old Trafford for a second straight loss.

'True Detective' Season 3 Premiere Date, First Trailer
The minute-long teaser aired before the finale of the miniseries " Sharp Objects ". Things I know", Ali's Wayne says in the trailer. My whole brain's a bunch of missing pieces.

Cyberpunk 2077 gameplay reveal has arrived
Not only that, CD Projekt Red also talked about the weapon that players will have access to in the game. The stream went live earlier this morning and is now updating with new text lines.

Fed will do 'whatever it takes' for U.S. economy: Chairman Powell
On Friday, Fed Chair Powell drove the dollar lower by suggesting the Fed funds rate was getting closer to neutral. An inverted yield curve in the past has pointed to a recession will occur within two years.

Boxing Fight Between Logan Paul and KSI Ends in a Draw
The boxing match came about when two other YouTubers, Joe Weller and Theo Baker, fought each other previous year . YouTube personality BigNik was also disappointed with the results - and he even mistakenly wrote 2019.

Meghan Markle’s Half-Brother Blames Prince Harry For Family Drama
Should the Palace have nipped this in the bud long ago? He explained: "I don't think he deserves that kind of treatment from her". But when she couldn't give him the time he needed or wanted to spend with her, he got upset about that.

Jennifer Lopez Grinds Up on Alex Rodriguez at MTV VMAs Afterparty
Camila Cabello was the big victor at the MTV Video Music Awards - leaving the ceremony on Monday night with two of the top prizes. After congratulating ex-Fifth Harmony member Cabello on her five nominations, Haddish said sarcastically, "Hi Fifth Harmony ".

Madonna's self-indulgent tribute to Aretha Franklin gets criticised by fans
Another wrote, " Madonna's apparent effort to memorialize Aretha Franklin: "But enough about me, let's talk about...me". Franklin, 76 at the time of her death, passed away last Thursday following a battle with pancreatic cancer.

Alienware Announces Upgraded Gaming Desktops With Nvidia RTX GPUs
It's also capable of kicking out the aforementioned 10 Giga rays per second and 78 trillion RTX operations per second. The 2070 accelerates real-time ray tracing up to 6 GigaRays per second - five times that of the Titan X, Huang noted.

Kerala: Flood-water recedes, focus shifts on rehabilitation
Central forces are providing all possible services to Kerala. "The Kerala diaspora has been a huge source of help for us". Kerala has been battered by torrential downpours since August 8, with floods and landslides killing at least 250 people.