Trump administration announces plans to renegotiate NAFTA

Foreign Affairs Minister Chrystia Freeland said Canada is ready to "modernize" the North American Free Trade Agreement, after U.S. President Donald Trump's administration announced its intent to renegotiate the 23-year-old trade accord. Negotiations with Canada and Mexico will begin no earlier than August 16, 2017.

However, Lighthizer may face pushback from businesses because the community "has argued that the pact has done a lot to sustain some US factories by creating more efficient continental supply chains that allowed USA firms to better compete globally".

Lighthizer says the USTR office will begin working on negotiation intentions immediately.

"While every partnership has disagreements to occasionally be resolved, the U.S".

Good idea! And it so happens that a convenient template for most of those changes already exists in the abandoned Trans-Pacific Partnership, which the us stupidly failed to close a year ago. It is time to rein in the off-shoring of USA livelihoods that only benefit big business.

Now local border traders are keeping a close watch on the latest changes.

"As President Trump moves forward with renegotiating with Canada and Mexico, I am confident this will result in a better deal for our farmers, ranchers, foresters, and producers", Perdue said.

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"We've heard a lot of promises from this Administration on trade, and the President needs to follow through", said a statement from Brown. The letter also provides specifics about what the USA wants to discuss during the negotiations. "However, there were worker and firm adjustment costs as the three countries adjusted to more open trade and investment", the report continued. The list did not mention currency practices, something that Schumer and other congressional Democrats have sought to be included in trade deals. But the pact did encourage American manufacturers to relocate some operations to Mexico to take advantage of cheaper labor there; critics blame NAFTA for wiping out USA factory jobs.

However, the Mexican foreign secretary said that the new trade deal must preserve the existing trilateral structure to ensure a fair deal.

"We know why President Trump is president of the United States", said Kaptur. Lighthizer's official notice to Congress, which came in the form of a letter to Republican and Democratic leaders, didn't highlight exchange rates as a specific priority.

Lori Wallach, director of Public Citizen's Global Trade Watch, called it "markedly vague".

The arguments were popular with voters, but businesses and some congressmen have expressed reservations about the plan to renegotiate, fearing that missteps from the administration could lead to unintended consequences and impair valuable export markets. Mexico and Canada signaled that they welcome the opportunity to modernize the agreement.

Mexican foreign minister Luis Videgaray, speaking at a news conference with secretary of state Rex Tillerson in Washington, said the trade pact needed to be updated after almost 25 years. "A renegotiation would only benefit IP owners, as the standards would not be lowered". "It is stable and embodies the rule of law", he said.

Though manufacturing has dominated much of the discussion about NAFTA, U.S. agriculture has a huge stake, too. "Canada relationship to advance at a different and faster speed".

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