Donald Trump Announces Meetings with Mexico and Canada to Renegotiate NAFTA

Kushner is visiting Canada Tuesday for an economic chat

Trump said on Sunday he plans talks soon on the North American Free Trade Agreement, under which Canada and Mexico send the majority of their exports to the United States. However, the deal drew fire from left and right in the last USA election and now appears dead.

King says while there is more uncertainty when it comes to trade than there has been in several years companies shouldn't panic, especially because they should be diversified and in enough countries to weather any rough patches. The new president officially killed the Trans-Pacific Partnership by formally revoking US participation in the 12-country trade pact.

The agreement essentially allows trade with relative ease between the United States and its closest neighbors: Canada and Mexico.

"We will cooperate in trilateral matters when it is in our interest and we will try to do things that also serve our interests bilaterally".

The statement said that the United States would withdraw from NAFTA if the U.S. were not able to renegotiate it so as to give usa workers a fair deal.

President Donald Trump announced on Sunday (22 January) that he will begin renegotiating the North American Free Trade Agreement (Nafta) when he meets with the leaders of Mexico and Canada.

Additionally, last Wednesday, Wilbur Ross, the nominee for commerce secretary, said at his confirmation hearing that NAFTA would be an early priority for his department.

Canada's minister of global trade, Chrystia Freeland, did not respond to a request for comment.

Читайте также: China's GDP expands 6.7% in 2016

If no new deal is reached by then, the accord would be dissolved.

NAFTA brought in Mexico as well. Trump has said he wants a "fair deal" for the United States, and has threatened to withdraw from the treaty if a new agreement is not reached.

But Mexico's economy minister said the country isn't signing up for a bad deal.

Mexico will also immediately seek bilateral deals with countries that signed the Trans-Pacific Partnership free trade deal, Pena Nieto said.

"We're going to start some negotiations having to do with NAFTA".

Where these ideas left Canada - where trade with the U.S.is paramount to the economy - has not been clear, since Trump has made little mention of Canada, saving most of his shots for Mexico and China. In 2015, total trade between the two nations amounted to $662 billion.

The results could be illuminating for the new administration as it moves forward on promises to reopen NAFTA. In fact, it set the framework for NAFTA, which became law in 1994.

NAFTA was first proposed by the administration of former President George H.W. Bush and was finalized by his successor Bill Clinton. Many economists agree Chinese and USA markets would take a blow during a trade war, however, the US may have more to lose at this point as its top companies are more dependent on China than the other way around.

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