After Starting NAFTA Talks, Trump Says He May Terminate the Pact

After Starting NAFTA Talks, Trump Says He May Terminate the Pact

It could also mean USA investors in Mexico and Canada wouldn't be able to submit their grievances to ISDS either.

Due to the efficiency and productivity of American agriculture, we produce more than we consume.

Barbara Dunlop, director of policy, planning and communications for the Department of Economic Development said the government needs to get a better sense of what is going to be discussed at the negotiation table.

They outlined five priorities in their letter that they say could help improve agricultural trade among the three countries: increase and improve regulatory alignment; improve the flow of goods at border crossings; further align sanitary and phytosanitary measures using a science-based approach; eliminate nonscience-based technical barriers to trade; and revise trading rules so that they reflect technological advances since NAFTA implementation, such as digital trade.

It began weakening during Trump's Tuesday-night campaign rally in Phoenix and remained in a downward slide over the next several hours.

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.

For context, yesterday Trump said "I think we'll probably end up terminating NAFTA at some point". The comments were not a surprise, nor would they scare Mexico, he added. With producers facing low commodity prices and other challenges, we can not afford to cause further harm by negating the gains made under NAFTA.

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Most economists say NAFTA has had only a modest net effect on U.S.jobs because expanded commerce with Canada and Mexico has also created jobs and because trade represents a relatively small part of the US economy.

Its foreign minister, Luis Videgaray, said Wednesday that talks are continuing and if Trump really wanted to break up Nafta he would have done so already.

"Abruptly ending NAFTA could create a string of unintended consequences that need to be carefully considered", said Ann Wilson, an executive at the Motor & Equipment Manufacturers Association, which represents auto suppliers.

Ujczo suspects American NAFTA negotiators now have an easy argument to make: that they just can't discuss procurement while the domestic process is ongoing.

Officials from the U.S., Canada and Mexico met in Washington last week to officially start renegotiating NAFTA, the deal that has bound the three economies together since 1994. However, the current market access granted to US exporters must be the baseline for renegotiation. For the US, farm exports to Canada and Mexico soared from $8.9 billion in 1993, before NAFTA implementation, to $38.1 billion in 2016, according to AFBF. In other words, this move would make it voluntary for the NAFTA countries to opt into the investor-state dispute settlement system (ISDS, which functions as an alternative to domestic court systems and lets corporations sue governments if they feel the value of their foreign investments have been diminished by governmental actions), meaning, more or less, that foreign investors would have to take any disputes through the USA court system. The notice from the Department of Commerce and the US trade czar just appeared online and was to be officially posted on the USA federal register August 21, seeking industry submissions by September 18. But whether you're buying a vehicle or negotiating a trade agreement, there's got to be give and take.

Nigh said the farm bureau takes comfort in the fact that the process requires the president to work with Congress to finalize any withdrawal or change to NAFTA. Specifically, the group maintains that Mexican imports of asparagus, avocados, tomatoes and cut flowers have hurt growers in the state.

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