UK: British Government Looks To NAFTA As It Considers Trade Options
"If the agreement dies overnight, this is going to have an impact on the daily lives of a lot of people, because all of a sudden there's going to be a scarcity of nearly everything that we consume in Mexico-especially on foodstuffs", says the former office head for S&P's Global Ratings in Mexico City.
"With an agreement, in 10 years I see a strong region that can face Asia or China, without an agreement I see a weaker region in the medium and long term".
As many as 50,000 workers at auto parts suppliers could lose their jobs due to increased tariffs if the USA pulls out of the North American Free Trade Agreement, according to a study released Thursday by the Motor and Equipment Manufacturers Association, which lobbies for suppliers in Washington. It's time after all of these years and we'll see what happens. But some made-in-America hawks have pushed the Trump administration to advocate for an increase in the requirement to as much as 90 percent of autos to be made with parts that originated in the three countries in order to receive the exemption, or boost the percentage that has to come directly from the U.S. Trump left open the possibility that the United States would seek to establish bilateral deals with Canada and Mexico if talks were to break down. Speaking in Mexico on Tuesday, the president of the U.S. Chamber of Commerce, Thomas J. Donohue, said the negotiations had "reached a critical moment".
The rules of origin demands are among several conditions that the U.S. Chamber of Commerce has labeled "poison pill proposals" that threaten to torpedo the talks. Mexico strongly opposes such a move, which would damage its own vehicle industry.
The proposals call for North American content, overall, to rise to 85 percent from the current 62.5 percent.
If the North American Free Trade Agreement survives the renegotiation effort, The United Kingdom may be interested in joining the pact. The negotiations were extended on Wednesday by two days to Oct 17.
"I continue to believe in NAFTA; I continue to believe that as a continent, working together in complementary ways is better for our citizens and better for economic growth, and allows us to compete on a stronger footing with the global economy", Trudeau said.
Americans", she said, and acknowledged that changes to the deal would "of course be opposed by entrenched Washington lobbyists and trade associations.
Trudeau's visit to Mexico is his first official sojourn to the country and follows Pena Nieto's visit to Canada in June 2016. "Among conditions demanded by the US are a significant increase in regional content - particularly USA content - in the region's exports, a uniform upper limit for government purchases, some restrictions to agriculture products coming to the US from Mexico and Canada, and the elimination of the chapter on resolution of controversies".
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