Sunday, 30 April, 2017

President Trump vows to start renegotiating NAFTA

Mexico seeks US dialogue new trading partners Japan will likely take major hit if US bows out of NAFTA
Julia Daniel | 25 January, 2017, 11:14

Opening up NAFTA will result not only in demands for changes by Trump but no doubt by Canada and Mexico as well.

Trump has repeatedly called for better trade deals with other countries, accusing the existing system of hurting domestic jobs by incentivizing companies to outsource for cheaper labor.

"We're going to start some negotiations having to do with NAFTA", Trump said, according to CNN. We see no signs as of yet that Trump wants trade agreements that protect Americans from climate damages and ensure that our citizens are protected from environmental destruction.

On Monday, White House spokesman Sean Spicer said he expects Mr Trump to meet Mr Trudeau and Mexican President Enrique Pena Nieto within "the next 30 days or so" to discuss reopening the trade deal.

Mr Trump raged against illegal Mexican immigrants during the campaign, vowed to make Mexico pay for a wall on the United States border and has threatened punitive tariffs if the central American country doesn't agree to NAFTA changes.

"When I sit down, I think the biggest statement that will be made about the role of women is the fact that I will be there as a female prime minister - prime minister of the United Kingdom -- directly taking to him about the interests that we share", she told BBC One on Sunday.

Hamer says NAFTA has been a huge player for Arizona's economy since it was approved 23 years ago. And today, the latest incarnation of governing Liberals have nothing but praise for a trade deal they once vilified. "If our partners refuse a renegotiation that gives American workers a fair deal, then the president will give notice of the United States' intent to withdraw from NAFTA".

On Monday, Mr. Trump signed an executive order to pull the United States out of the Trans-Pacific Partnership, effectively killing the 11-country trade deal that Canada signed on to previous year.

"With a few key sector exceptions that still require attention, North America intraregional food and agricultural trade is now free of tariff and quota restrictions, helping USA farmers, ranchers and food processors expand exports", they said in the letter.

Mexico will also immediately seek bilateral deals with countries that signed the Trans-Pacific Partnership free trade deal, Pena Nieto said.

NAFTA has contributed to a decline in USA manufacturing jobs, but it has led to massive automotive industry investment in Mexico and the growth of a supplier network there.

"For the USA and Canada to exclude Mexico - that would likely be a substantial upheaval to many companies' supply chains", says Scott Lincicome, a trade attorney at the law firm White & Case. A trade tariff is a tax on imported goods that is often used to make the cost of imported goods higher to USA consumers than the cost of goods made domestically.

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