[Rushtalk] Preliminary NAFTA Deal Reached Between Mexico And U.S.

Carl Spitzer {C Juno} cwsiv at juno.com
Fri Sep 7 17:47:24 MDT 2018

Preliminary NAFTA Deal Reached Between Mexico And U.S. 
      * 08/27/2018 
      * Source: TTN
      * by: TTN Staff 

Preliminary NAFTA Deal Reached Between Mexico And U.S.

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The United States and Mexico have reached a preliminary agreement on
NAFTA. The new negotiations have not included Canada, another partner to
the deal, but specifically focused on the auto industry. 

President Trump has called the existing NAFTA deal one of the worst in
history and a new agreement could be a big win for the president in his
ongoing trade war with Canada, Mexico, the E.U., and China.

According to the New York Times: 

        WASHINGTON — The United States and Mexico have reached agreement
        to revise key portions of the 24-year-old North American Free
        Trade Agreement and a preliminary deal could be announced on
        Monday, a crucial step toward revamping a trade pact that has
        appeared on the brink of collapse during the past year of
        Reaching an agreement on how to revise some of the most
        contentious portions of what President Trump has long called the
        worst trade pact in history would give Mr. Trump a significant
        win in a trade war he has started with countries around the
        globe, including Mexico, Canada, the European Union and China.
        Still, a preliminary agreement between the United States and
        Mexico would fall far short of actually revising Nafta. The
        preliminary agreement still excludes Canada, which is also a
        party to Nafta but has been absent from talks held in Washington
        in recent weeks. It centers on the rules governing the
        automobile industry and leaves aside other contentious issues
        that affect all three countries.
        To qualify for zero tariffs under Nafta, car companies would be
        required to manufacture a greater proportion of an automobile’s
        value in North America under the new rules. They will also be
        required to use more local steel, aluminum and auto parts, and
        have a certain proportion of the car made by workers earning at
        least $16 an hour, a boon to both the United States and Canada.

The absence of Canada will make for a contentious road ahead, as the
U.S. and Mexico will have to work to get Canada on board. Congress will
also have to ratify the deal once one is fully reached. But the
agreement in principle between the U.S. and Mexico is an encouraging
sign and another win for the Trump administration.

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