Talks to overhaul Nafta at risk of failure

USA Trump und Trudeau im Weißen Haus | NAFTA

On Wednesday, Democrat Congressman Brian Higgins joined his colleagues on the House Ways and Means Committee for a bipartisan meeting with Canadian Prime Minister Justin Trudeau to discuss binational collaboration as conversations continue related to the North American Free Trade Agreement.

Victor Herrera, who's spent 35 years covering Latin American financial markets, warns that NAFTA's demise would have major effects.

Almost 9 million jobs in the US depend on trade and investment with Canada, and approximately 400,000 people cross the U.S.

When Canadian Prime Minister Justin Trudeau meets President Donald Trump on Wednesday, he will try to persuade the US leader to focus on Mexico as a source of potential problems at talks to update NAFTA.

The current round of talks also will include discussions on financial services, labor rules, agriculture, digital trade, investment and energy, among other issues, according to the agenda.

"Growth could be 1 percent higher if the country had better accountability and more transparency".

Asked during his appearance with Trudeau whether NAFTA was dead, Trump said, "We'll see what happens".

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Pena Nieto's term is almost up in government and with Mexico one of the countries on Trudeau's priority list for stronger relations, one goal of this visit is to forge new relationships and cement Canada's standing in the eyes of Mexicans as a trusted partner in all things, not just trade.

Further, "attempts by Boeing to put tens of thousands of aerospace workers out of work across Canada is not something we look on positively". And with no trade incentive to manufacture in the United States other than to avoid the 25 percent truck tariff, more full vehicle production would migrate to low-priced countries such as China, auto experts say.

Mexico and Canada would fare better because they previously charged higher tariffs than the United States and would revert to those levels.

"It's possible we won't be able to make a deal and it's possible that we will", Trump said, noting the close relations between the two countries and leaders.

Quote "There is no relationship in the world quite like the Canada-U.S. relationship". Trudeau said he recognized that there were proposals in the deal that the USA and Canada disagreed on, but insisted that the talks had begun on Wednesday "in good faith". Those "could doom the entire deal", Thomas Donohue, the Chamber's CEO said October 11. "There are several poison-pill proposals still on the table that could doom the entire deal", Donohue said.

United States proposals include limiting the number of federal government contracts that Mexican and Canadian companies can win, a provision that would cause the deal to automatically expire in five years unless all three countries vote to renew, and changes in how much of a product needs to be made in North America to come under Nafta protections. After Donohue made his comments supporting the Nafta, Emily Davis, spokeswoman for the Office of the US Trade Representative, reiterated the administration's position.

On Thursday, the American International Automobile Dealers Association (AIADA) said proposed changes to NAFTA would likely increase the cost of vehicles.

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