Mexico welcomes US NAFTA objectives, eyes stronger North America

Mexico welcomes US NAFTA objectives, eyes stronger North America

The US government said trade deficits and market access would top the agenda as it renegotiated trade terms with Mexico and Canada. "Under President Trump's leadership, USTR will negotiate a fair deal".

Shortly after Trump's remarks, the US trade representative released an 18-page report about its goals for updating the decades-old North American Free Trade Agreement with Canada and Mexico.

Other parts of the NAFTA renegotiation document echo the Trans-Pacific Partnership, the free trade deal Trump also widely criticized and withdrew from in January.

The USTR objectives also call for strengthening labor and environmental commitments that are now only part of NAFTA side agreements. Administration officials are to meet Wednesday with economic officials from China, a nation the president has accused of dumping steel on the global market to hurt US steelmakers. The release of the objectives is expected to dominate the week and will draw the attention of the House Ways & Means subcommittee on trade, which will examine the objectives at a Tuesday hearing.

"We will do everything we can to make this a good agreement and to hold the president at this word and make sure we get a renegotiation", Richard Trumka, president of the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), told reporters Monday, according to Reuters. "Where's the fire? Put it out fast!" Trump has pledged to recover factory jobs and boost wages by crafting new trade deals.

Mexican officials say a revamped NAFTA must further integrate the region and are awaiting USA negotiating objectives, due to be published on or around Sunday.

"Today is D-day for some of us who have been talking about this for a long time", said U.S. Rep.

But the president has a conflicted relationship with global trade. That goal, titled "Trade remedies", adds to the perception that Trump is seeking a protectionist policy, analysts say. But the trade deficit has actually improved from $762 billion in 2006 to $505 billion previous year, a change brought about largely because USA consumers cut back spending during the Great Recession.

Another objective states the USA should be able "to enforce rigorously its trade laws", including the use of certain types of tariffs.

The Mexican government said in a statement that the administration's NAFTA objectives will give greater clarity to the negotiations.

Canadian Minister of Foreign Affairs Chrystia Freeland said the USA list was "part of its internal process", although a source familiar with the Canadian government's thinking said the document was "not earth shattering".

Shortly before the release of the document, President Donald Trump lashed out against trade deals and unfair trade practices, saying he would take more legal and regulatory steps during the next six months to protect American manufacturers.

"There's no detail", Levy said. But the size of the deficits steadily began to increase afterward.

USTR released the NAFTA negotiating objectives as required prior to the start of the talks, which will be held under a pressing political timeline due to elections next year in the USA and Mexico. Neither trade deficit is near its peak level.

At stake for Arizona is $8.3 billion in exports to Mexico and $2.1 billion in exports to Canada a year ago, according to data from the International Trade Association.

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