News Worms
News Worms

Trump, Trudeau meet at the White House amid new NAFTA talks

Trump, Trudeau meet at the White House amid new NAFTA talks

The North American Free Trade Agreement could be on the verge of disintegration after coming under sustained attack from Donald Trump, a longtime critic of the three-nation deal.

Victor Herrera, who's spent 35 years covering Latin American financial markets, warns that NAFTA's demise would have major effects.

Canada and Mexico want their companies to be able to bid on more US federal and state government contracts, but this is at odds with Trump's "Buy American" agenda.

Trudeau said that he and Trump had discussed the Boeing-Bombardier dispute, which just this week saw the U.S. slap further import duties on Canadian plane maker Bombardier's new CSeries planes.

"Growth could be 1 percent higher if the country had better accountability and more transparency".

"My optimism toward NAFTA, toward a renegotiation, isn't based on personality or reading political tea leaves", Trudeau said following his talks with Trump. Commenting on a recent article he penned for Americas Quarterly, Herrera outlines why he thinks that more independents and parties competing to win will dampen prospects for one frontrunner in particular-leftist ex-Mayor of Mexico City Andrés Manuel López Obrador. "We have to protect our workers, and in all fairness, the prime minister wants to protect Canada and his people also".

Today, Prime Minister Trudeau arrives in Mexico for meetings with President Enrique Pena Nieto.

"With an agreement, in 10 years I see a strong region that can face Asia or China, without an agreement I see a weaker region in the medium and long term".

The former House speaker and friend of the president says a deal will eventually be reached, after long and hard negotiations. "It has to be fair to both countries".

Crude has also failed to benefit from Trump's likely move to decertify the global deal to curb Iran's nuclear program; a decision that could make it more hard for Iran to produce and sell its oil.

Britain could join a formal trade alliance with the United States, Canada and Mexico if the European Union refuses to clinch a post-Brexit trade deal, the Daily Telegraph newspaper reported on Tuesday. Trudeau said he recognized that there were proposals in the deal that the United States and Canada disagreed on, but insisted that the talks had begun on Wednesday "in good faith". "It makes sense to modernize it", said Glenn Hamer, president and CEO of the Arizona Chamber of Commerce.

USA proposals include limiting the number of federal government contracts that Mexican and Canadian companies can win, a provision that would cause the deal to automatically expire in five years unless all three countries vote to renew, and changes in how much of a product needs to be made in North America to come under Nafta protections.


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