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United States and Mexico reach a preliminary trade deal that could replace NAFTA

29 August, 2018, 00:35 | Author: Melinda Barton
  • Trump and Trudeau

That measure could move some production back to the United States from Mexico and should lift Mexican wages, the White House official said. The government went on to say the proposed agreement will create "more reciprocal trade that grows the economy, supports high-paying jobs for American workers and protects American intellectual property". "This doesn't seem like a well-thought-out plan that leads anywhere sensible".

It would also require that 40% to 45% of auto parts in cars sold in North America be made by workers earning at least $16 per hour. The U.S. and Canada are still in negotiations.

Trump has frequently condemned the 24-year-old NAFTA trade pact as a job-killing "disaster" for American workers. If a NAFTA deal isn't signed before then, López Obrador could demand changes - and a deal that took years to negotiate could unravel.

"It is our wish, Mr. President, that now Canada will also be able to be incorporated in all this", he said on the phone.

First of all, it does not appear that the USA and Mexico have actually concluded negotiations.

Talking to reporters, the top White House economic adviser, Larry Kudlow, urged Canada to "come to the table".

Austen said the Canadians had been regular contact with the NAFTA negotiators. "So if they had to compromise on energy, so be it".

With a tentative bilateral trade deal in their pockets, both American and Mexican officials have their sights set north of the US border with hopes of negotiating new trade deals with Canada.

One sticking point for Canada is the USA effort to dump the Chapter 19 dispute resolution mechanism that hinders the United States from pursuing anti-dumping and anti-subsidy cases.

"But one way or the other, we have a deal with Canada".

"He has to give six months' notice of his intention to withdraw from the treaty, and he'd have to get congressional approval". "For a prosperous, stable region, all three countries must be part of the deal".

Trump is threatening auto tariffs in retaliation for what he claims are Canada's other tariffs in sectors such as dairy, where he maintains Canada's supply management regime results in tariffs of almost 300 per cent, while neglecting to mention that USA subsidies result in a dairy surplus with Canada.

He announced the progress from the Oval Office, with Mexican president Pena Nieto joining in on speakerphone.

However, it was unclear whether the administration has the authority to substitute NAFTA with a two-nation trade agreement.

"There is so much work to be done to make it a three-way deal, and a three-way deal is critical", Wood said. Her spokesman said Canada would sign only a new agreement that is good for the country.

Trilateral talks started a year ago at the behest of Mr. Trump, who railed against the original 1994 pact calling it a "ripoff" and a "disaster", but now seems eager to close a new deal before the USA midterm elections in November. 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.

Freeland will travel to Washington on Tuesday to continue negotiations.

Global stocks reacted positively to the breakthrough, with investors expressing optimism the deal could signal a change in the Trump administration's provocative stance on global trade.

"It is hard to extrapolate much out of it, as the United States continues to treat each country and deal on its own merit".


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