Trump threatens to "terminate" NAFTA

23 August, 2017, 20:29 | Author: Leticia Walters
  • Country Trade Goals

After all, a new NAFTA is better than no NAFTA.

For its part, domestic auto giant General Motors said it is "working with" the administration and Congress "to help modernize Congress", but the automaker also signaled the need for US trade negotiators to tread carefully, and provide "adequate timeframes" if any changes are eventually made.

Canadian Prime Minister Justin Trudeau (L) and U.S. President Donald Trump talk as they arrive for a family photo, during the G7 Summit in Taormina, Sicily, Italy, May 26, 2017.

Even Trump's own chief trade official tried to downplay the significance of Trump's latest remarks.

All the tough talk may be an effort by Trump to give Lighthizer more leverage. 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. Trump said Tuesday night.

"They've taken the measure of Trump and have decided not to let him push them off the mark". It plans to propose removing a key, though controversial, element that protects companies' investments overseas.

"Unless Mexico and Canada capitulate to some of Trump's aggressive demands in negotiations during the next four months, termination looks genuinely possible", Hufbauer added. "Our priorities remain the same, and we will continue to work hard to modernize NAFTA, supporting millions of middle class jobs".

Adam Austen, a Canadian government spokesman, emphasized the strong economic ties between the two nations: 9 million American jobs depend on trade and investment with Canada.

Duvall pointed out that total USA agricultural exports are projected to reach $137 billion this year, while agricultural imports are forecast at $114.5 billion, giving the US a $22.5 billion trade surplus in agricultural products.

The scope and volume of proposals during the first round of the negotiation reflects a commitment from all three countries to an ambitious outcome and reaffirms the importance of updating the rules governing the world's largest free trade area. Mexico has presidential elections next July, and the US holds congressional elections next November.

Mexico's currency fell to record lows following Trump's victory in the US presidential election last November, with investors scared he could hurt Mexican exports and cause a recession south of the border.

"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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