Trump Calls On Canada, Mexico Not To Manipulate Their Currency

18 July, 2017, 07:21 | Author: Leticia Walters
  • Prime Minister Justin Trudeau meets U.S. President Donald Trump last weekend at the G20 summit in Hamburg Germany. Trudeau's government has been working hard to persuade the Trump administration of NAFTA's value

In a statement, the Mexican economy ministry said it expected talks between the United States, Mexico and Canada on renegotiating the North American Free Trade Agreement (NAFTA) to be able to get under way from August 16. "This includes the elimination of unfair subsidies, market-distorting practices by state owned enterprises, and burdensome restrictions of intellectual property", the USTR said in the document posted on Monday.

The Trump administration on Monday released its wish list for NAFTA negotiations, taking the latest step in what is likely to be a long process of reevaluating the almost 25-year-old trade deal. Doing so is a chief goal of President Donald Trump, who routinely said during the campaign that American workers are harmed by foreign trade deals. The United States will seek to balance trade deficits and add items on a "digital economy" and labor and environmental obligations when renegotiations of the deal commence next month.

In a highly anticipated document sent to lawmakers, U.S. Trade Representative Robert Lighthizer said he would seek to reduce the trade imbalance by improving access for U.S. goods exported to Canada and Mexico under the three-nation pact.

They point to sectors like autos, where U.S. inputs make up some 40 percent of the value of products imported into the United States from Mexico, while Chinese exports contain only 4 percent, according to the U.S. Center for Automotive Research.

Some of the provisions from the Trans-Pacific Partnership, which Trump scrapped, have been resurfaced in the United States' NAFTA revisions.

USTR released the NAFTA negotiating objectives as required prior to the start of the talks, which will be held under a pressing political timeline due to elections next year in the U.S. and Mexico.

At the direction of US President Donald Trump, Lighthizer on May 18 notified Congress of the administration's intent to begin renegotiating NAFTA.

Trump's bark has largely been harsher than his bite on NAFTA since his inauguration, and concerns that he will take radical action on the agreement have waned, at least temporarily. The duties were less aggressive than expected. On Monday, Mr Trump was photographed seated in a red fire truck, as part of his administration's "Made In America" week showcasing American-made fire trucks, baseball bats and cowboy hats among other products.

"As the administration looks to highlight American-made products this week, there is no better way to do so than by charting a path to economic advancement for America's farmers, ranchers and foresters", Conaway stated in a prepared press release. His companies and his daughter's, which manufacture their products overseas, were not invited.

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