On Thursday the President announced that for now the USA will renegotiate the North American Free Trade Agreement (NAFTA). The President did say that he would terminate the pact if they can’t strike a “fair deal.” The President said:
“It is my privilege to bring NAFTA up to date through renegotiation,” Trump said in a statement late Wednesday. “It is an honor to deal with both [Mexican] President [Enrique] Peña Nieto and [Canadian] Prime Minister [Justin] Trudeau, and I believe that the end result will make all three countries stronger and better.”
Early this morning the President reported that:
“I received calls from the President of Mexico and the Prime Minister of Canada asking to renegotiate NAFTA rather than terminate. I agreed,” he tweeted. “… subject to the fact that if we do not reach a fair deal for all, we will then terminate NAFTA. Relationships are good-deal very possible!”
The Mexican government did release a statement confirming the conversation:
“The leaders agreed on the convenience of maintaining the North American Free Trade Agreement and working together with Canada to carry out a successful renegotiation for the benefit of all three countries.”
Fox News had earlier had reported that:
The Trump administration last month submitted a vague set of guidelines to Congress for renegotiating NAFTA, disappointing those who were expecting Trump to demand a major overhaul.
In an eight-page draft letter to Congress, acting U.S. Trade Representative Stephen Vaughn wrote that the administration intended to start talking with Mexico and Canada about making changes to the pact, which took effect in 1994.
The letter spelled out few details and stuck with broad principles. But it appeared to keep much of the existing agreement in place, including private tribunals that allow companies to challenge national laws on the grounds that they inhibit trade — a provision that critics say allows companies to get around environmental and labor laws.
Time will tell if the US will remain a member of the NAFTA hopefully the President can work out a deal that doesn’t hurt American workers and helps our partners. Are you ok with the USA being part of NAFTA as long as America benefits?
Source: Fox News