Canada rejoins talks to stay in NAFTA, deal possible this week

29 August, 2018, 01:33 | Author: Gerard Cortez
  • U.S. And Mexico Reach Trade Deal; Trump Wants To Drop NAFTA Name

NAFTA was created 24 years ago, making trade easier between the U.S., Canada and Mexico, but President Trump and other critics say that it has encouraged American manufacturers to move to Mexico because of cheaper labor. The deal is expected to benefit both countries.

Neither Trump nor Nieto brought up the wall during a conference call in front of reporters on Monday to announce the trade agreement.

Wilbur Ross, the USA commerce secretary, confirmed on Tuesday that the Trump administration is "fully prepared to go ahead with or without Canada" in ripping up Nafta and warned that Canada's economy "can't survive well" without a United States deal. He also said he would "be terminating the existing [NAFTA] deal very soon" because NAFTA has "a lot of bad connotations" and has been a "bad deal" for the United States.

Trump's promise to build a border wall funded by Mexico has always been a source of friction between the two countries.

Economists like the Heritage Foundation's Stephen Moore expressed surprise.

Aram... Trump has frequently criticized NAFTA as hurting American jobs ... what details do we know about the new deal. Exports are responsible for more than 30 percent of the new jobs created in the state.

Under Monday's preliminary agreement, Mexico agreed to ensure that 75 percent of automotive content be produced within Mexico and the US, up from the current 62.5 percent, according to the Office of the US Trade Representative.

The deal also would require 40 per cent to 45 per cent of auto content to be made by workers earning at least US$16 per hour.

Both the S&P 500 and the Nasdaq closed at all-time highs on Monday, and the Nasdaq topped 8,000 for the first time.

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Revamping trade deals with Mexico and Canada is not a bad thing, even if the president insists on scrapping the title of NAFTA altogether. Another is the countries declare they've made progress and continue negotiations. "You know, they have tariffs of nearly 300 percent on some of our dairy products, and we can't have that".

"We're going to get a test of that over the next several days".

But Trump again denounced Canadian dairy import quotas and tariffs and threatened levies on Canadian cars unless the dairy system is dismantled.

"If you want free and fair trade with a level playing field, let's get the tariffs down".

"It was indeed a point of tension, of public and notorious differences between Mexico and the United States, but I think that the decision we made not to allow a difference to define the rest of the relationship, that we could see beyond that difference, today is giving very obvious results", Mr Videgaray said in an interview with Bloomberg in Washington.

US automakers have opposed raising the North American content requirement, but the United Auto Workers union has supported it.

Joe Kinahan, chief market strategist at TD Ameritrade in Chicago, said: 'The question most people have is can the markets go higher?

President Trump has criticized the Fed for raising interest rates and Moore explained why the president is frustrated.



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