Trump on NAFTA: 'We'll end up probably terminating'

Trump on NAFTA: 'We'll end up probably terminating'

In a joint statement issued at the end of five days of negotiations in Washington, the top trade officials from the three countries said Mexico would host the next round of talks from September 1st to 5th.

"Mexico's negotiating strengths stem from the deep economic integration between the United States and Mexico, and the negative impact that a disruption in supply chains and trade flows would have to key components of the USA economy", BMI said Wednesday in a note to clients.

Due to the efficiency and productivity of American agriculture, we produce more than we consume. But that it would be a mistake to use NAFTA negotiations to shut off America and to cut down trade.

Hours after Sen. Ted Cruz visited the Rio Grande Valley where he said it would be a "mistake" to exit the North American Free Trade Agreement, President Donald Trump predicted a termination of the treaty, straying from Cruz and fellow Texas Republican Sen.

There is good reason to be cautious in revising this agreement. Canada also responded that it was undeterred.

The comments came as lawmakers face a late-September deadline to raise the US debt ceiling or risk a default, and hours after a lawmaker said there was "zero chance" of the USA not raising the ceiling.




Overall, corn and corn products today account for more than 30 percent of US farmer income, according to the National Corn Growers Association.

"Navistar recently began to export used heavy-duty trucks to Mexico and we intend to increase quantities in the years ahead", Jim Spangler, vice president of corporate affairs for Navistar, said in a letter to the USA trade representative. The U.S. reportedly tabled roughly 10 proposals updating existing chapters or proposing new ones.

In terms of trade with Mexico, the Yukon exported $2.3 million worth of goods, mostly in drilling and boring tools, and imported $35 million, primarily truck machine parts and fire extinguishers.

The Trump administration's discontent with NAFTA as it stands implies that Canada should be wary of considering the existing agreement to be the fallback option if renegotiations turn sour (see a recent Fraser Institute paper by Steven Globerman and Christopher Sands). In fact, 40 percent of USA imports from Mexico originate with US companies and contain American designed and made parts. Biotechnology is one of the greatest advancements in the industry, allowing producers to increase yields while using fewer finite resources.

All this suggests that a renegotiated NAFTA will be more hard to conclude than a regular FTA.

In particular, Cornyn said, the agreement should be updated to include provisions on energy and digital commerce, neither of which were topics of discussion when NAFTA was originally signed in 1994. An old adage of Canadian political economy holds that "if the United States sneezes, Canada catches a cold" and while the trading relationship is important to both countries, it's clearly more important to Canada. "Far from hurting our USA workforce, NAFTA has enabled it to grow as a result of the efficiencies it produced". "We are closely monitoring the negotiations and will continue to advocate for corn farmers' interests throughout this process". In my role on the Ways and Means Committee, which has congressional jurisdiction over trade policy, I will keep working on removing barriers and opening more markets for US agriculture products.

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