New NAFTA Agreement Could Be Finalized In August5
After a year of deliberation, the 24-year-old North American Free Trade Agreement may be revamped. U.S. Trade Representative Robert Lighthizer told Congress August may be the month we see a final agreement, Automotive News reported on Thursday.
The timeframe would also ensure current Mexican President Enrique Pena Nieto would sign the agreement before he leaves office this December. U.S. law requires three months before all involved parties sign off. If negotiations push past September, Mexico’s President-Elect Andres Manuel Lopez Obrado would have to sign the agreement. Mexico’s objective is to have its current president ink the deal.
Lighthizer said the U.S. and Mexico have reached a good point in negotiations, but Canada remains uncertain.
“My hope is that we will before very long have a conclusion with respect to Mexico and that, as a result of that, Canada will come in and begin to compromise,” he said. “I don’t believe that they’ve compromised in the same way the United States has or Mexico has.”
The comments follow news that President Trump may look into a bilateral trade agreement with Mexico and focus on Canada at a later point in time.
NAFTA has major implications for automakers doing business in North America and the threat of tariffs across trade borders has the power to derail operations as they stand. Automakers, including General Motors, have supported the idea of “modernizing” NAFTA.
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This was what the goal of the tariff threats were. Just looking for a better more balanced deal for all the partners not just one.
The EU is now talking and I expect China will soon work with us on some better deals.
For too long we had people just selling our country out and not looking out for our best interest. While these changes will not gain them all back it will help.
You do not understand what a trade deficit is then just like Trump. Sorry but even with a 25% tax a DVD player will still be cheaper made in China then in the USA. China is not going to pay their employees what US Employees make. Cars are different but appliances and electronics are a different ball game. I am a CFO for a US Manufacturer and we make 90% here in the USA. We sell all over the world but it won’t stop us from getting the 10% we need from other countries. Why, well an example. We had a tool built for us in Taiwan. Cost us $130,000. The US Mold maker wanted $350,000. So all the tariff did was cost us an additional $32,500 which is a tax paid to US Customs. Companies like ours will still import we will just have to raise our price and pass it along hurting the end consumer. Just like how our exports will be hurt because companies buying from us in other countries will pay a tariff set by their country in retaliation to what Trump did. A Trade war doesn’t bring jobs back to the USA. This isn’t an Apples to Apples comparison. Publicly traded companies have to find ways to increase their stock value and cutting costs is one of the ways. Now yes GM could pay Mexican workers the same as US but hell if that was the case we would all move to Mexico and work for GM because you would be rich. All of what Trump says is propaganda. If he actually believed it he wouldn’t have all his Trump clothes made in China. Lead by example but he doesn’t
The cars owners who buy foreign brands are the ones “selling” the nation out. Even if the foreign brands assemble in the U,S., all the profits leave the economy. Making good trade agreements with our American neighbors is the best deal, since their citizens will also buy U.S. brands.
It’s bigger than that. With the deals we had it makes it easier for foreign car companies to sell more for less. There are a lot of shady currency manipulation tactics at play.
Day 554: Still not tired of winning.