Published: Wed, August 23, 2017
Money | By Armando Alvarado

Trump warns may terminate NAFTA treaty

Trump warns may terminate NAFTA treaty

Canada, the USA and Mexico just last weekend wrapped up the initial round of talks to modernize the three-country trade agreement, but Trump told a rally of supporters in Phoenix, Ariz. that "personally, I don't think we can make a deal because we have been so badly taken advantage of".

Trump was likely pandering to his supporters when he made the comments in Phoenix, he added. White House officials also encouraged Trump to renegotiate. To make his point, Perdue reportedly showed Trump a map of the USA with bright colors indicating regions that supported his election and would suffer if NAFTA were nixed.

Mexico, Canada and the United States on Sunday wrapped up the first round of negotiations to update the two-decade North American Free Trade Agreement (NAFTA), with Mexico set to host the second round of talks on September 1-5. His government has deliberately chosen to react, not to what Trump says, only to what he does, ever since Trump began trash-talking NAFTA during the USA campaign.

All the tough talk may be an effort by Trump to give Lighthizer more leverage.

Freeland told American and Canadian audiences last week she seeks to advance "progressive trade" and laid out some of Canada's objectives, few of which mirrored the US list. He won't have to convey Trump's views to his counterparts: They can Google them.

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The Trump administration says Chapter 19 is not effective in resolving disputes about measures to counter subsidies. It plans to propose removing a key, though controversial, element that protects companies' investments overseas. Trump told an Arizona crowd that he will try to renegotiate, but he is not sure it is possible to get a deal without terminating it. "Our priorities remain the same, and we will continue to work hard to modernize NAFTA, supporting millions of middle class jobs", Adam Austen said in a written statement. Bilateral trade between Nebraska and Canada totals $1.9 billion a year.

The scope and volume of proposals during the first round of the negotiation reflects a commitment from all three countries to an ambitious outcome and reaffirms the importance of updating the rules governing the world's largest free trade area. NAFTA negotiators, by contrast, have just a few months to get a new deal. Instead, the US has run a trade deficit with Mexico every single year since 1995.

It's a device the USA president has already deployed several times with NAFTA, but now "people are starting to catch up", he added.

Mexican Foreign Minister Luis Videgaray sought to brush off Trump's threat, saying his remarks were simply a tactic and Mexico would keep negotiating.

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