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Trump comments on NAFTA talks put some Arizona businesses on edge

Trump comments on NAFTA talks put some Arizona businesses on edge

Just a week into talks to rewrite the North American Free Trade Agreement, President Donald Trump is already threatening to abandon the 23-year-old pact with Canada and Mexico.

"Trump had said from early days that he would end the NAFTA agreement if he couldn't get more beneficial terms for the USA, and reminding the audience of that he added, "...but we're going to see what happens".

Donald Trump has threatened to cancel NAFTA less than one week into the renegotiation of the trade agreement, providing an early indication that the upcoming talks might occur under a cloud of menace.

The United States, Canada and Mexico wrapped up their first round of talks on Sunday to revamp the NAFTA trade pact, vowing to keep up a blistering pace of negotiations that some involved in the process said may be too fast to bridge deep differences.

Most economists say NAFTA has had only a modest net effect on U.S.jobs because expanded commerce with Canada and Mexico has also created jobs and because trade represents a relatively small part of the USA economy.

Not all cards were put on the table, the source added, saying that during four four-hour sessions on rules of origin, the United States did not reveal its proposed targets for boosting North American and USA content for the automotive sector.

Stocks did briefly pare losses after comments from US House Speaker Paul Ryan that a government shutdown was unnecessary. "We are committed to preserving and expanding upon the gains that agriculture has achieved and ensuring a modernized NAFTA continues to be a success story for North America farmers and ranchers".

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He said expanding foreign companies' procurement rights to state- and local-level contracts is always complicated and it's especially the case now, he said, in a political climate marked by a so-called "America First" presidency. Luc Laliberté, who teaches U.s. history at Cégep Garneau in Quebec city, told TVA News that the remarks of Donald Trump's put the negotiators in a hard context.

With few domestic drivers to move the currency this week, all eyes are on Jackson Hole, Wyoming, where U.S. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are expected to speak, though neither are expected to make new policy statements. Instead, the US has run a trade deficit with Mexico every single year since 1995.

"NAFTA has been incredibly successful for our industry", said Jennifer Myers, a spokeswoman for the National Corn Growers Association.

Hamer said Trump can't meet his 3 percent economic growth goal if he pulls out of NAFTA.

Many times since the u.s. presidential campaign, Mr. Trump has brandished the threat of a termination of this treaty. Since NAFTA was negotiated, biotechnology has expanded significantly. It is clear that companies in the United States are actively engaging their government on NAFTA-related issues, and any stakeholders that fail to engage with their own government may find their interests ignored or compromised at the negotiations table for an updated NAFTA.

Canada brushed off suggestions that Trump's threats would disrupt the talks. The internet was still an obscure idea in its infancy and Mexico's energy sector was closed off from investment from the outside world.

In this respect Videgaray commented that the United States citizens consider that the economic interests of their country are being affected.

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