Published: Fri, August 25, 2017
Money | By Charlene Sutton

Trump Says US Likely to Terminate NAFTA

Trump Says US Likely to Terminate NAFTA

President Donald Trump, at an event in Phoenix, said that the US will "end up probably terminating" the North American Free Trade Agreement with Canada and Mexico "at some point". "I personally don't think you can make a deal without a".

"Personally", Trump said, "I don't think we can make a deal because we have been so badly taken advantage of".

Since the US, Canada, and Mexico were all parties to the TPP, which would have superseded NAFTA and imposed more robust labor rights and environmental standards, it stands to reason that the three countries can and probably will agree to simply copy that language from the now-dead TPP over to NAFTA.

The United States, Canada and Mexico wrapped up their first round of talks on Sunday to revamp the NAFTA trade pact, vowing to keep up a blistering pace of negotiations that some involved in the process said may be too fast to bridge deep differences.

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Ron Davidson, the Director of International Trade, Government and Media Relations with Canadian Meat Council, says the North American livestock and meat sectors are very closely aligned in their support for NAFTA. "We can not ignore the huge trade deficits, the lost manufacturing jobs, the businesses that have closed or moved because of incentives, intended or not, in the current agreement".

US stocks were lower Wednesday morning after Trump's threat of a government shutdown. "We are committed to preserving and expanding upon the gains that agriculture has achieved and ensuring a modernized NAFTA continues to be a success story for North America farmers and ranchers".

California Farm Bureau Federation President Paul Wenger said those priorities are in line with what farmers in the Golden State would like to see.

Many of these threats might be political bluster, and it may well be that in the end cooler heads in Washington are able to contain the Trump administration's inflammatory rhetoric.

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"A president threatening to dismantle the gateway for many US manufacturers to the rest of the globe is not a path worth going down", he said.

Although many Americans have benefited from NAFTA, Lighthizer said that the agreement has "failed. countless Americans". Since NAFTA was negotiated, biotechnology has expanded significantly.

President Trump seemed to put NAFTA negotiations on thin ice Tuesday night. During the 2016 campaign, he blasted NAFTA as a bad deal for American workers, blaming it for an exodus of U.S.jobs to Mexico.

The loonie has rallied almost 7 percent since the start of the year, buoyed by a softer greenback and upbeat domestic economic data that prompted the Bank of Canada to raise interest rates for the first time in seven years last month.

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While it's being pulled in one direction by Canada and Mexico, urging it to reduce Buy American rules for public-works contracts, and in the other direction by domestic US politicians seeking an increase in Buy American, the administration has issued a reminder that it's working on a separate path. Canada and Mexico oppose that idea. If Trump's threat to ditch NAFTA is plausible (which is still debatable), we should at least in theory be open to accepting a NAFTA 0.8.

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