Ransom
08-26-2018, 06:55 PM
https://www.bloombergquint.com/business/2018/08/26/u-s-mexico-said-poised-to-reach-nafta-deal-as-soon-as-monday#gs.Ng_B5kY
(Bloomberg) -- The U.S. and Mexico are poised to resolve their bilateral Nafta differences as soon as Monday, creating an opening for Canada to rejoin talks covering $1.2 trillion in annual trade.
Significant breakthroughs between Mexico and the U.S. came during the past several days on the contentious issues of automobiles and energy, according to three people familiar with the process who asked not to be named discussing private talks.
Along with Canada, they’ve been negotiating for a year to overhaul the 24-year-old accord at the insistence of Donald Trump. The U.S. president says the deal has led to hundreds of thousands of lost American jobs, and he promised to either change it to be more favorable to the U.S., or withdraw.
An issue I would hope we could all support our President on, a more America First mentality where it comes to the NAFTA agreement.
While a U.S. proposal to increase tariffs on cars imported from Mexico that don’t meet new content rules has long been a sticking point, that issue appeared to have been resolved by Thursday.
The U.S. agreed to keep the 2.5 percent tariff currently applied under World Trade Organization rules if the cars are made at factories that already exist, according to two people familiar with the plans, who asked not to be named discussing private negotiations.
That would leave open the possibility that cars that don’t meet the rules and are built at new plants could face tariffs of 20 percent to 25 percent, pending the results of a Section 232 national security investigation that Trump ordered in May, the people said.
While Trump has floated the idea of negotiating bilateral trade accords -- finalizing one with Mexico before moving to pursue a separate pact with Canada -- both Mexico and Canada have said they want to keep a three-nation deal.
This directly affects factory jobs here in the US, Trump going to bat for American factories, American workers.
(Bloomberg) -- The U.S. and Mexico are poised to resolve their bilateral Nafta differences as soon as Monday, creating an opening for Canada to rejoin talks covering $1.2 trillion in annual trade.
Significant breakthroughs between Mexico and the U.S. came during the past several days on the contentious issues of automobiles and energy, according to three people familiar with the process who asked not to be named discussing private talks.
Along with Canada, they’ve been negotiating for a year to overhaul the 24-year-old accord at the insistence of Donald Trump. The U.S. president says the deal has led to hundreds of thousands of lost American jobs, and he promised to either change it to be more favorable to the U.S., or withdraw.
An issue I would hope we could all support our President on, a more America First mentality where it comes to the NAFTA agreement.
While a U.S. proposal to increase tariffs on cars imported from Mexico that don’t meet new content rules has long been a sticking point, that issue appeared to have been resolved by Thursday.
The U.S. agreed to keep the 2.5 percent tariff currently applied under World Trade Organization rules if the cars are made at factories that already exist, according to two people familiar with the plans, who asked not to be named discussing private negotiations.
That would leave open the possibility that cars that don’t meet the rules and are built at new plants could face tariffs of 20 percent to 25 percent, pending the results of a Section 232 national security investigation that Trump ordered in May, the people said.
While Trump has floated the idea of negotiating bilateral trade accords -- finalizing one with Mexico before moving to pursue a separate pact with Canada -- both Mexico and Canada have said they want to keep a three-nation deal.
This directly affects factory jobs here in the US, Trump going to bat for American factories, American workers.