Trump steps back from brink of killing North American trade pact

Trump steps back from brink of killing North American trade pact

It was under an executive order signed by Trump on January 23 that the United States pulled out of the sweeping Trans-Pacific Partnership trade deal.

Trump signaled his administration could be opening trade talks with Canadian officials soon over lumber, timber and energy practices, in addition to dairy issues. But, he added, "If I'm unable to make a fair deal. for our workers and our companies, we will terminate NAFTA". In order to renegotiate the trade deal, he must notify Congress.

"I agreed, subject to the fact that if we do not reach a fair deal for all, we will then terminate NAFTA".

President Donald Trump says phone conversations Wednesday with Mexican President Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau persuaded him not to imminently withdraw the United States from their countries' three-way trade pact.

Answering a reporter's question Thursday about the possible timeframe for NAFTA talks, Trump said: "It'll start very soon".

Trudeau says the two agreed instead they could sit down and work on ways to make the deal better, a renegotiation process similar to what's been done in the past. Instead, it would have initiated a six-month notice period after which the US could have withdrawn or not withdrawn.

The Mexican and Canadian currencies maintained their rebound early on Thursday after Trump's latest comments.

NAFTA TRADE HAVOC * A disruption in trade between the three NAFTA partnerscould wreak havoc in the auto sector and other industries, hitting profits at companies that have benefited from zero-leveltariffs and Mexico's relatively low labor costs.

Exiting NAFTA would be a major break from decades of US trade policy, and it's unclear whether the order would been intended as a serious threat to leave the pact or simply an effort to put the country's neighbors on notice that Trump intends to rewrite the rules of North American trade.

Читайте также: Indians-Tigers series finale called off due to rain

As a candidate, Trump frequently called NAFTA a "disaster" and vowed to renegotiate its terms or scuttle it altogether.

Trudeau refused to rule out retaliatory measures in response to the US moves, but he said both he and Trump prefer to keep relations "positive and co-operative".

Dias, who believes NAFTA is a "flawed deal", says Canadians should be eager to renegotiate the accord, and the government must candidly start pushing the agenda.

Analysts said renegotiating NAFTA is the lesser evil for Trump.

About 14 million American jobs depend on trade with Mexico and Canada, according to the US Chamber of Commerce. While Trump has pivoted on other issues, trade is the issue where he has maintained a consistent position.

The New York Times recently quoted an unnamed senior administration official saying that Trump is likely to sign an executive action that would begin the process of withdrawing the U.S. from NAFTA. Mexican exports to the U.S. increased sevenfold between 1993 and 2016, but less than threefold to Canada.

On Tuesday, the Trump administration slapped tariffs on Canadian lumber for what it concluded is the country's "dumping" of softwood lumber in the US markets at reduced prices that are unfair to American companies.

It also states NAFTA is responsible for "waves" of illegal immigration and the closure of "tens of thousands of factories and manufacturing establishments" in the U.S. During the presidential campaign he accused Mexico of sending rapists and criminals into the United States, and as president plans a U.S. -Mexico border wall. When you're talking about $3 billion in soybean exports a year, any threats to withdraw from agreements and walk away from markets makes farmers extremely nervous.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related Articles

  • Pakistan, Afghanistan dispute toll after clashes

    Pakistan, Afghanistan dispute toll after clashes

    Initial reports said twelve people had died, including civilians and troops from both countries, and scores had been wounded. Pakistan shares a 2,200-kilometer- (1,375 mile-) long porous border with Afghanistan.
    Facebook could launch two dozen 'TV-like' original shows in June

    Facebook could launch two dozen 'TV-like' original shows in June

    Snapchat has been actively pursuing show deals with numerous same of the same companies as Facebook for its Discover section. Unlike Netflix, however, all of Facebook's original video content will be free to watch and share.
    If anyone can resolve Kashmir issue, it is Modi: Mehbooba

    If anyone can resolve Kashmir issue, it is Modi: Mehbooba

    He also blamed Prime Minister Modi for the severe hit taken by the tourism sector in the Valley in the wake of the unrest. He was successful to a large extent in shortest of period", Mehbooba said.
  • Paulo Dybala expected to be passed fit for Champions League semi-final

    Monaco are more than capable of winning away from home but Juve boast the best defence in Europe this season, meaning the principality club face a challenge.

    Thousands of people fill arena to hear from Warren Buffett

    Bill Gates once told me he would just hire people from IIT. "We have an extraordinary group of good managers", Buffett said. Buffett said at Saturday's annual meeting that it's crucial his successor have what he calls a "money mind".
    Penn State men's and women's lacrosse earn NCAA tourney berths

    Penn State men's and women's lacrosse earn NCAA tourney berths

    But Maryland's 62-game home winning streak - which stretches from March of 2012 - never seemed in real jeopardy. The Dolphins, ranked No. 4 in the nation, beat No. 3 Adelphi in the NE-10 title game earlier on Sunday.
  • No US Open homecoming for former Cowboys QB Tony Romo

    No US Open homecoming for former Cowboys QB Tony Romo

    Major league baseball pitcher turned pro golfer Rick Rhoden and Tiger Woods both said they hope Romo makes it into the U.S. He seemed genuinely touched that fans would take five hours out of their day to watch him play golf.

    Obama Asks Congress To Show Courage

    Obama made it clear he wasn't finished:,"I expect to be busy, if not with a second career, at least a second act", he said. Last week House Republicans approved a health care law created to replace Obama's law, commonly called "Obamacare".
    Aunt Jemima frozen pancakes, waffles, French toast recalled

    Aunt Jemima frozen pancakes, waffles, French toast recalled

    The FDA said symptoms include high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea. However, no cases of illness resulting from the consumption of these products have been reported .
  • Portion of tunnel containing nuclear waste collapses in Hanford, Wash

    Portion of tunnel containing nuclear waste collapses in Hanford, Wash

    Department of Energy says the incident caused the soil above the tunnel to sink between 2 and 4 feet (half to 1.2 meters). In the past, rail cars full of radioactive waste were driven deep into the tunnels and then simply buried there.
    Phoenix serial killing suspect arrested in deaths of 7

    Phoenix serial killing suspect arrested in deaths of 7

    Records show Saucedo was pulled over for allegedly running a red light on October 27, 2015, just a month after the first killing. A survivor of one shooting told News 12 that after police showed up at his home with photos, he recognized Saucedo's face.

    Red Sox permanently ban fan for racial slur at another fan

    Nevertheless, in the second inning on Wednesday, Baltimore starter Kevin Gausman was ejected for hitting Boston's Xander Bogaerts. The potential last straw in the Rex Sox-Orioles revenge game might have been an accident, just like the way it started.