Tuesday, 18 December, 2018

Don't Get Nervous — Trump on NAFTA

USDA undersecretary Ted Mc Kinney addresses AFBF Holly Spangler
Pablo Mccormick | 11 January, 2018, 21:10

A Canadian official told CNBC that while the chances of a us withdrawal from NAFTA are increasing, there is no convincing information to suggest it will happen soon.

The sixth round of NAFTA negotiations are slated to begin January 23 in Montreal.

But trade disputes have broken out between Canada and the US, the most recent involving USA imposed duties against Canadian newsprint imports Wednesday. Negotiations are due to wrap up at the end of March.

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One of the sources, who works with the Canadian government, even said they were "sure" Trump will withdrawal from the pact and that they are planning for the announcement.

Withdrawal from the three-nation deal would take six months and would likely raise tariffs on USA exports headed north and south.

The Canadian and Mexican currencies, as well as stocks of firms that rely heavily on North America's integrated economy, fell on Wednesday after government sources told Reuters they saw an increased likelihood of a USA withdrawal.

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The concern about Trump's withdrawal from the free trade deal comes as the three signatories - the U.S., Canada and Mexico - are renegotiating the terms of NAFTA, which was signed into law by former U.S. President Bill Clinton in 1993.

"On NAFTA, I am working very hard to get a better deal for our country and for our farmers and for our manufacturers", Trump said during a speech Monday at the American Farm Bureau Federation convention in Nashville.

Flags are pictured during the fifth round of NAFTA talks involving the United States, Mexico and Canada, in Mexico City, Mexico, November 19, 2017. "But we're going to make it fair for you people again".

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