The Truth About Trump’s ‘Tremendous’ New Trade Deal with Mexico

28 August, 2018, 19:57 | Author: Frank Williams
  • Trump announces 'really good' NAFTA deal with Mexico

The 24-year-old NAFTA is a trilateral deal between the United States, Canada and Mexico that underpins $1.2 trillion in North American Trade.

President Trump made the announcement and brought Mexican President Enrique Peña Nieto onto a conference call.

U.S. President Donald Trump hailed the agreement as "an incredible deal for the workers and for the citizens of both countries".

Donald Trump's attempts to get the Mexican president on speakerphone to celebrate a new trade deal descended into farce thanks to technical glitches.

President Trump added, the move will be an "incredible deal" for both countries, especially for the manufacturing and farming industries.

Until a new deal is signed, the other terms of NAFTA - including the elements that allow USA companies to operate tariff-free in Mexico and Canada - remain in place.

Senior administration officials also made clear on a call with reporters Monday afternoon that they were still pursuing a revised NAFTA trade agreement, though they maintained the possibility of a bilateral deal between the United States and Mexico if a trilateral deal with Canada can not be reached. "Top White House officials appeared split on whether they would proceed at all if Canada didn't sign on to the deal with Mexico", The Washington Post reported.

USA business groups sought to remind the administration that Canada remains its largest export market.

"Canada now has to hurriedly work out a deal, hat in hand", Lawler said. (Peña Nieto called it NAFTA.) After a politically brutal week, Trump was claiming victory. Then there's this awkward spectacle of Trump trying to patch through the call. "If Canada's not in, we'll notify that we have an agreement with Mexico and we're open to Canada joining us". He also said he would "be terminating the existing [NAFTA] deal very soon" because NAFTA has "a lot of bad connotations" and has been a "bad deal" for the United States.

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Wilbur Ross, the U.S. commerce secretary, confirmed on Tuesday that the Trump administration is "fully prepared to go ahead with or without Canada" in ripping up Nafta and warned that Canada's economy "can't survive well" without a USA deal.

In announcing the deal on Monday, Trump said: "With Canada, frankly, the easiest thing we can do is to impose a tariff on their cars coming in".

The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour. Trump says, "If they'd like to negotiate fairly, we'll do that".

He said it would be replaced in part by the newly named United States-Mexico Trade Agreement. Orrin Hatch, the Utah senator who chairs the Finance Committee that would need to approve any deal, said "a final agreement should include Canada".

Senior administration officials told reporters that the goal is to send a formal notification of the renegotiation to Congress on Friday, kicking off the clock for lawmakers to support or reject the new deal.

Canadian Foreign Minister Chrystia Freeland interrupted a trip to Europe to rush back to Washington to begin talks with US Trade Representative Robert Lighthizer. Mexico and the United States have reached a commercial understanding.

"Canada handled that threat with prudent restraint, praising the U.S. -Mexico "progress" and offering to rejoin trilateral talks this week", the editorial praised.

"This deal is pretty well put together with Mexico", Ross told Fox Business Network on Tuesday.

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