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giftedviz.com July 27, 2017


Trump administration writes Congress to officially trigger NAFTA renegotiation

19 May 2017, 11:18 | Austin Hogan

Trump administration announces plans to renegotiate NAFTAMore

Trump administration announces plans to renegotiate NAFTAMore

US President Donald Trump has put the wheels in motion on a major trade shake-up, after his administration triggered the renegotiation of the North-American Free Trade Agreement on Thursday.

Trilateral negotiations could begin as early as August 16.

Lighthizer said the US will seek to "support higher-paying jobs in the United States and to grow the USA economy by improving USA opportunities to trade with Canada and Mexico".

Late in April Trump had considered a full withdrawal from Nafta, but was persuaded by senior officials in his administration to pursue negotiations instead.

But longtime congressional critics of the trade deal that that contributed to Midwestern manufacturing job loss expressed skepticism that a president who packed his cabinet with Wall Street veterans will make trade changes that help the middle class.

Lighthizer, who is the administration's main trade negotiator and whose confirmation process dragged on until last week, said that the pact had been successful for some industries, such as agriculture, but that for others, such as manufacturing, it had not. "Central to any successful NAFTA negotiations will be changes to Canada's new policies created to harm bilateral trade and dump their structural dairy surplus on the world market".

"We are prepared", Videgaray said Thursday in Washington.

"We understand that this is a 25-year-old agreement", he said.

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Trump made NAFTA a key issue during the election, calling it the "worst deal in United States history, " and promising to "tear it up" if he could not renegotiate the agreement.

The groups have repeatedly urged administration officials and legislators to focus on maintaining what has worked well, such as trade with Mexico, the top market for US dairy exports.

"The trilateral agreement has been an vast benefit for all parties", Mexico's economic ministry said in a statement. The 2017 Trade Policy Agenda of the Office of the U.S. Trade Representative (USTR) provided some context for this dissatisfaction with NAFTA, and observed that "f$3 or years now, the United States has run trade deficits in goods with our trading partners in the [NAFTA]".

The Council on Foreign Relations website indicates that NAFTA "fundamentally reshaped North American economic relations, driving an unprecedented integration between Canada and the United States' developed economies and Mexico, a developing country". He opted for discussions with Canadian and Mexican officials to renegotiate the accord.

U.S. Senator John Cornyn released this statement after the announcement of NAFTA negotiations.

Adding data privacy and security provisions in the trade pact with Canada and Mexico would modernize the agreement to more accurately reflect the scope of commerce in the age of the internet.

Canada and Mexico supported TPP, and so they might be open to renegotiating Nafta in that way.

"Congress and the administration must work hand-in-hand if we are to achieve the high-standard trade agreements our country needs to grow", says Senate Finance Chairman Orrin Hatch, R-Utah.



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