US Renegotiation Of NAFTA To Include IP Rights, Digital Trade

President Donald Trump's administration has notified Congress that it intends to renegotiate the North American Free Trade Agreement, which kicks off a 90-day window before the president can press for changes to the controversial trade deal or withdraw from it completely. He promised a very aggressive negotiating schedule to conclude the talks as quickly as possible. By integrating supply chains across North America, keeping a significant share of production in the US became an option for vehicle makers.

Last week, Mexico called on the United States to uphold NAFTA, arguing that the suspension of the trade deal would have consequences for both countries.

In 1993, the year before NAFTA took effect, the United States had sold Mexico $41.6 billion in goods and bought $39.9 billion for a trade surplus of $1.7 billion.

Late last month he signed an executive order that required the Secretary of Commerce Wilbur Ross and the USTR, in consultation with several federal agencies, to "conduct comprehensive performance reviews" of all of the U.S. free trade agreements and "renegotiate or terminate" policies that the Administration believes are harmful to the US. We can not allow this to be yet another trade deal written by corporations and special interests.

The trade agreement has dramatically increased trade among the three countries.

"I welcome the administration's effort to improve and update NAFTA for the 21st century economy", Ryan said in a statement. However, their tone on NAFTA was a little different. Mexican auto workers still earn less than $10 an hour, allowing manufacturers to keep small vehicle prices low and affordable to US families on a budget.

After NAFTA, automakers began producing small cars in Mexico and shipping them across the border to the United States. The agreement also encourages higher export volumes; according to the US Department of Commerce, Michigan - where the US auto industry is primarily concentrated - exported $23.5 billion in goods to Canada in 2015, and $11.7 billion in goods to Mexico.

He said he hoped to maintain the current trilateral format of Nafta, but noted that many of Nafta's problems are bilateral issues that need to be worked out with either Mexico or Canada. John McCain, R-Ariz. talk with Canadian Foreign Affairs Minister Chrystia Freeland during her visit to Capitol Hill in Washington, Tuesday, May 16, 2017.

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USA lawmakers echoed a similar sentiment, expressing a desire to update NAFTA while recognizing its benefits.

During the 90-day countdown, USTR will consult with "Congress and American stakeholders to create an agreement that advances the interests of America´s workers, farmers, ranchers, and businesses", he said. Brady leads the House Ways and Means Committee which will play a big role during negotiations.

Ryan went on to say that he believes Mr. Trump has prioritized "his millionaire friends and business ties" and hasn't done anything about the trade deficit with China. Starts 90-day clock. Negotiations start August 16.

Trump has also threatened to impose tariffs on Chinese and Mexican imports, thereby raising fears that those trading partners would retaliate with their own sanctions.

Negotiations will enter a very sensitive environment.

The Mexican government says it "welcomes" the opportunity to renegotiate NAFTA.

The time line to get a deal done is narrow too.

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