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Toyota executive: United States seeks 'impossible' changes to NAFTA for Mexico, Canada
19 October 2017, 12:38 | Colleen Roy
Lighthizer: 'Historic' NAFTA 2.0 could win labor and business support, lead to 'paradigm change' in Congress
NAFTA was harshly criticized by candidate Donald Trump, and press reports say Washington has since proposed renegotiating the deal every five years, requiring more US -made content in automobiles, and scaling back a mechanism to resolve disputes. "It is important also to remember that to some extent, NAFTA is an investment agreement, and it is unreasonable to expect that the United States will continue to encourage and guarantee US companies to invest in Mexico and Canada primarily for export to the United States", he said.
Negotiators from Canada, Mexico, and the U.S. have concluded the fourth round of talks on the renegotiation of NAFTA.
A senior Canadian official, speaking on condition of anonymity because of the sensitivity of the talks, said the report is an affirmation of everything the government has done to lobby Congress on the merits of the deal and its open trade flows between the two countries.
The Retail Industry Leaders Association, which encompasses more than 200 retailers, manufacturers and suppliers, added that Nafta's downfall would incur "massive" disruptions in agriculture and manufacturing as well as higher costs for US consumers.
The peso has long moved in conjunction with uncertainties over United States trade policy, which you can see in the chart shared by Glossop below. He said NAFTA's dispute resolution mechanism and some other provisions could use some updating.
It suggests using NAFTA to strengthen the Mexican economy to boost imports from the U.S. Trade balances, it notes, are "incomplete measures" of a trading relationship.
The Brookings Institution's Dany Bahar said trade deficits are not the cause of job losses, and called the USA focus misplaced.
Canada is now the country in the best bilateral position, as both Mexico and the United States have expressed interest in continuing trade agreements with the country. Ministers have called upon all negotiators to explore creative ways to bridge these gaps. Alternate trade objectives are driving a wedge between the USA and Canada.
USA industry has reacted harshly to the trade talks.
The North American Free Trade Agreement (NAFTA) appears to be careening off the tracks.
"It would just make North America less competitive, and it would impose an indirect barrier to trade", said trade lawyer Miguel Noyola, a principal at Baker & McKenzie LLP.
"Who would want to make an investment if they don't know what is going to happen in five years?" says former U.S. Ambassador to Mexico James Jones, now chairman of Monarch Global Strategies.
"NAFTA has resulted in a huge trade deficit for the United States and has cost us tens of thousands of manufacturing jobs. Canada believes that too", she said. (The United States logged an $8 billion trade surplus with Canada in 2016).
Negotiators for Mexico and Canada expressed frustration after the talks concluded. US grain and meat producers have also said they fear that the produce seasonality proposal could endanger USA exports to Mexico, and the United Fresh Produce Association has said it does not support the seasonality proposal even though its Florida members and some others want the situation addressed.
Although Mexico, as well as Canada, plan to hold their ground during the NAFTA renegotiation rounds, Mexican Secretary of Economy Ildefonso Guajardo Villarreal said his country remains committed to the agreement and warned that walking away from it would harm the national economies of the three countries.
Richard Thaler wins Nobel for work in behavioral economics
Thaler was born 1945 in East Orange, New Jersey and received his Ph.D.in 1974 from the University of Rochester, New York. That incorporates more realistic analysis of how people think and behave when making economic decisions, it said.
Larry Flynt ad offering $10M for dirt on Trump
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United States and Israel to withdraw from Unesco
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Iranian president warns Trump not to isolate United States
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