Trump's threat to shut USA government riles markets

25 August, 2017, 01:57 | Author: Manuel Hopkins
  • NAFTA Round One Gordon Johnson Weighs In On Free Trade's Effects On Steel Manufacturing

US, Canadian and Mexican negotiators are pledging to work quickly to update the North American Free Trade Agreement, a 23-year-old pact that President Donald Trump has called the worst trade deal in history. "Personally, I don't think we can make a deal, " he told a rally in Arizona late Tuesday.

It is not the first time he has made such a threat, but it is the first time since Canada, the USA and Mexico sat down to start renegotiating the 24-year-old trade agreement.

"Greenbrier has never moved a single job from the United States to Mexico", CEO William Furman said in a letter to the USA trade representative.

Trump has long voiced his displeasure with NAFTA, a 1994 trade pact that governs well over a $1 trillion worth of two-way trade in USA goods and services. Prior to that, he has called it the "worst trade deal in the history of the world", blaming it for America's huge trade deficit, the exodus of United States manufacturing firms and substantial job losses. The first session of negotiations took place over five days last week in Washington.

Canada is the largest export market for USA agriculture products.

Navistar Inc., a manufacturer of commercial trucks, diesel engines and school buses based in Lisle, Ill., said it is urging negotiators to ease restrictions on US exports of used vehicles in Mexico.

It's conceivable, but not likely in Ujczo's view, that American negotiators could use the notice to signal to their NAFTA partners that they might be flexible on expanding procurement, depending on the feedback they get from industry. And he said U.S. courts would ultimately conclude that the president can't rip up NAFTA without congressional support.

State department expands travel warnings for Mexico
Officials added that there's no evidence that USA citizens are being targeted exclusively based on their nationality, however. The expanded warning is due to a rise in homicide rates , the State Department said on their website.

In April, he said he planned to pull out, but Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau, convinced him to come to the negotiating table.

"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. But it was the first time he made the threat since negotiations started, analysts said. The agreement covers trade between the three countries, with a fundamental principle of elimination of tariffs across North America.

Or, even more unlikely, they might be hoping that the feedback gives them political cover to agree with Canada and Mexico on the issue. But whether you're buying a auto or negotiating a trade agreement, there's got to be give and take.

Business leaders said they were encouraged by how Texas state officials were speaking out on the importance of NAFTA.

NDP worldwide trade critic Tracy Ramsey also said the Liberals need to get some reassurances from the Americans they are bargaining in good faith, but be prepared for things to go off the rails.

"We welcome the opportunity to identify ways to modernize NAFTA while preserving the core benefits of the agreement", he said.

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