Trump administration aims to renegotiate NAFTA

North American Free Trade Agreement

The Trump administration has taken the first step in the process to renegotiate the North American Free Trade Agreement, a trade pact between the United States, Canada and Mexico that's been in place for almost 25 years.

In a letter to congressional leaders on Thursday, U.S. Trade Representative Robert Lighthizer said the administration would start talks on the 23-year-old deal in as few as 90 days.

The letter says the Americans intend to initiate talks "as soon as practicable", but no earlier than 90 days from this notice, as required by current USA trade law.

Through these negotiations, the United States seeks to support higher-paying jobs in the United States and to grow the USA economy by improving US opportunities to trade with Canada and Mexico. But while I welcome these re-negotiations, I call on President Trump to remember his campaign promise to prioritize the American worker.

"NAFTA was negotiated 25 years ago, and while our economy and businesses have changed considerably over that period, NAFTA has not".

The Obama administration attempted to address many of these deficiencies in the 2015 Trans-Pacific Partnership trade deal, which included Canada and Mexico, but Trump pulled out of TPP in one of his first official acts as president. That means the earliest Canada's negotiators could be sitting down with their counterparts to discuss their opening positions would be August 16.

US Commerce Secretary Wilbur Ross said in a statement the goal of new Nafta talks is to find a "solution that is both fair and beneficial for all parties".

Foreign Minister Luis Videgaray said: "We are prepared".

More news: Kim Jong-un Claims New Missile Can Reach Mainland US
More news: UN Security Council Sees "Ample Possibility" To Use Sanctions Against N Korea
More news: Harry Styles To Star In Solo Carpool Karaoke, Dodges Kendall Jenner Joke

But he noted that trade deals can take years to negotiate and that US mid-term elections, as well as a presidential election in Mexico next year, will take place during NAFTA talks.

"Many chapters are outdated and do not reflect modern standards", he said. It created a trade agreement between Canada - Mexico and the United States, essentially getting rid of import or export taxes.

"NAFTA has been vital to the growth of the US insurance industry, but as with any agreement that's almost a quarter of a century old, NAFTA can be improved".

Lori Wallach, director of the Public Citizen's Global Trade Watch, says NAFTA needs a complete overhaul. The United States sent $20.5 billion in food products to Canada in 2016, making it America's second-largest ag export market.

"The United States values its strong economic ties with Mexico and Canada, and these negotiations should work to enhance our trilateral trading relationship".

Ms Freeland said in a statement on Thursday that the country remains "steadfastly committed to free trade in the North American region". "On the other hand, efforts to abandon the agreement or impose unnecessary restrictions on trade with our North American partners will have devastating economic consequences".

What a renegotiated NAFTA will look like and how it will affect Canada is anybody's guess, but the dairy and softwood lumber industries are two key areas of concern on this side of the border.

Related:

Comments

Latest news

Tom Hardy Is Your Venom In 2018 Movie, Directed By Ruben Fleischer
Sony tweeted out this image with Hardy in a Venom shirt to announce the casting and that production is set to start in the fall. He's widely known for his portrayal of another well-known comic baddie - Bane in Christopher Nolan's The Dark Knight Rises.

Scotland needs choice on independence at end of Brexit: Sturgeon
Tory deputy leader Jackson Carlaw said: "Her position on Europe has descended into complete chaos". The SNP leader said: "They say that imitation is the sincerest form of flattery".

CDC warns of parasite that may crash your pool party
Before you cancel your child's swim lessons, however, the CDC said it's not sure what accounts for the rise in recorded outbreaks. Don't let kids who are sick with diarrhea swim in a pool, advises Michele Hlavsa, R.N., chief of CDC's Healthy Swimming Program .

Salesforce Rises on Earnings Beat, Growing Cloud Demand: What Wall Street's Saying
Guardian Life Insurance Co. of America increased its stake in shares of salesforce.com, inc.by 3.4% in the first quarter. For CRM, the company now has $1.58 Billion of cash on the books, which is offset by $19.59 Million current liabilities.

Watch the first trailer for Netflix's 'Star Trek
But even if it's the case that it takes place in the Kelvin timeline, this doesn't look like a particularly good Star Trek show. Conspicuously absent from the trailer was Jason Isaacs, who is supposedly playing the captain of the U.S.S. " Discovery ".

New Stills of Amber Heard as Mera in Aquaman
She stars alongside Jason Momoa in Aquaman which splashes into theaters on Dececember 21, 2018. She wrote 'Thank you @fitnessbyfortitude for making a few hours a day feel like just minutes'.

Pakistan board bans, fines spinner Nawaz
The anti-corruption proceedings against Nawaz began on May 8, when he was summoned by the PCB for a possible breach of the code. In addition to the ban, the 23-year-old has also been fined 200,000 Pakistan rupees (approximately £1,500).

Active Stock Momentum: The Coca-Cola Company (KO)
The company reported $0.43 earnings per share for the quarter, missing the Thomson Reuters' consensus estimate of $0.44 by $0.01. Now The Coca-Cola Company's current price is $6.15 shy of the official highest sell-side analyst price target on Wall Street.

Western Wall Became A Holy Site To Jews Only After 1967
During his trip, Trump won't unveil a specific "diplomatic plan" or a "road map", Friedman said. "It's part of the West Bank". The row erupted a few days before the first official visit of US President Donald Trump to the region, Xinhua reported .

Leeds United fans take plenty of pleasure from Fulham playoff defeat
Yann Kermorgant's penalty just after halftime proved decisive as Jaap Stam's Reading held firm on a tense night. The Cottagers have never scored more than one goal in a play-off match.

Sunny Mother's Day; Summer-like Week Ahead
THURSDAY NIGHT: Partly cloudy skies and mild temperatures will be around for Thursday night with a low temperature of 62 degrees. Mostly sunny skies and pleasant temperatures will start off our Mother's Day Weekend, with a high temperature of 72 degrees.

A Few Days Of Sun Ahead
Also, some gusty winds that could reach 40-45 miles per hour midday-afternoon and could cause a few power issues. FRIDAY: Partly cloudy skies and a few rain showers will be possible, with a high temperature of 83 degrees.

Sunny, dry and warmer for Mother's Day
The warmth really kicks in on Tuesday and Wednesday as surface high pressure sets up across the southeastern US coast. I've got it as a green flag all day as we'll see mostly sunny to partly cloudy skies at the track.

Weather Authority Forecast for Thursday, May 11
Again with mostly clear skies look for highs to top out in the upper 80s to low 90s and south winds around 5 miles per hour . Saturday: Mostly sunny skies are expected to start the weekend with a few more clouds pushing into the area late in the day.

Melissa McCarthy motors through NY dressed as Sean Spicer
And now, dear SNL enthusiasts, McCarthy is back, and we have a feeling she'll be better than ever before. The actor is due to host Saturday Night Live this weekend, and clearly has quite the sketch planned.

Other news