US, Canada, Mexico pledge quick work to update NAFTA

Aug 25, 2017, 01:26
US, Canada, Mexico pledge quick work to update NAFTA

US President Donald Trump has warned he might scrap the North American Free Trade Agreement (NAFTA) with Mexico and Canada as the sides can't compromise on the 23-year-old pact.

Boyle said he mostly sees the president's comments as rhetoric, but he won't ignore them.

The United States buys more goods made in Canada and Mexico than they buy from us, and US Trade Rep. Robert Lighthizer, the highest-ranking American official at the talks, said such deficits "can't continue".

"The pullback is from pretty strong words out of the president. comments on NAFTA, which brings up a question of a global trade war, is weighing", said Peter Cardillo, chief market economist at First Standard Financial in NY.

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Jones also predicted that eventually "sanity will prevail"-that the US government will recognize that the United States benefits from an economically unified North America".

Stocks did briefly pare losses after comments from US House Speaker Paul Ryan that a government shutdown was unnecessary. For him, an improved trade deal isn't the litmus test for accepting a modernized NAFTA.

Cruz and Lt. Gov. Dan Patrick, who was one of Trump's biggest supporters in Texas during the presidential campaign, did not respond to requests for comment.

With few domestic drivers to move the currency this week, all eyes are on Jackson Hole, Wyoming, where U.S. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are expected to speak, though neither are expected to make new policy statements. The first session of negotiations took place over five days last week in Washington.

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The first round of NAFTA renegotiations talks were wrapped up Sunday. USA consumers benefit hugely from free trade, but many factory workers say they've gotten a raw deal, with their jobs outsourced to Mexico.

Although many Americans have benefited from NAFTA, Lighthizer said that the agreement has "failed. countless Americans".

CANADA - The Canadian Meat Council suggests a successful NAFTA renegotiation could enhance the competitiveness of Canada, the United States and Mexico in worldwide markets for meat, writes Bruce Cochrane. Lighthizer has appeared before the Ways and Means Committee at multiple hearings and meetings recently, and each time he has made clear how well he understands the importance of NAFTA to US agriculture. Millions of jobs and thousands of companies rely on NAFTA.

Removing existing barriers to trade must remain the top priority for negotiators, rather than creating new ones. Canada and Mexico oppose that idea. At meetings with local officials, Canadian ministers "travel armed with data on the precise dollar amount and number of jobs supported by Canadian firms and trade in that area", cultivating current and potential allies to push back against Trump's demands.

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"No surprise: We're in a negotiation now, Mexico will still be at the table with serenity, strength and the national interest in front", Mexico's foreign minister, Luis Videgaray, tweeted Tuesday night.

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