US Said to Make Proposal That Could Kill NAFTA in 5 Years

USA Trump and Trudeau at the White House | NAFTA

A day after US President Donald Trump warned that NAFTA talks between Canada, the United States and Mexico could fail - and that the pact could be replaced by bilateral treaties - Morneau said friction is natural in any trade deal. "So we'll see what happens with Nafta, but I've been opposed to Nafta for a long time, in terms of the fairness of Nafta".

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.

USA 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. Trump made revamping or ending NAFTA - which he has called "a bad deal for our country" - a core pillar of his election campaign as he promised more benefits for U.S. workers in global trade deals.

"Despite the non-cooperative approach to some of our Administration's policy proposals, our counterparts in Mexico and Canada are still negotiating with us in full faith".

"It's possible we won't be able to make a deal, and it's possible that we will".

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.


The CEO meeting ran in parallel to talks near Washington aimed at refreshing the 1994 agreement, with Mexico, Canada and businesses united in opposition to a number of radical US proposals they say would damage the North American economy.

U.S. Chamber of Commerce CEO Thomas Donohue, speaking in Mexico City on Tuesday, pledged to fight "like hell" to defend Nafta if Trump tries to pull out. Mexico strongly opposes such a move, which would damage its own vehicle industry.

The Chamber and the trade group for Mexico's auto industry already have come out against an anticipated proposal to raise US -specific content. The negotiations were extended on Wednesday by two days to Oct 17.

According to a schedule seen by Reuters, meetings on government procurement, cross-border services trade, environmental issues and state-owned enterprises were set to conclude for the current round on Thursday.

Finance Minister Bill Morneau, in Washington for meetings with G20 finance ministers and the International Monetary Fund, was confronted Thursday with several questions about a possible US exit from NAFTA. The business lobby group said there were "several poison pill proposals" put on the table by the United States that could tank the renegotiations. -Canada deal that would leave Mexico out entirely.

Related:

Comments

Latest news

Fearless Real Estate Agent Catches Shark And Throws It Back Into Ocean
Hatheier told The ABC she may not have been so brazen had the shark been a bigger breed, however. The video was uploaded to Facebook where it's been viewed more than nine thousand times.

Iran: Trump Decision Could Bring 'Crushing' Response
Analysts say such a move would have a very limited impact on the Guards, who are already subject to a wide range of sanctions. "The Guards are the defender of the nation", government spokesman Mohammad Bagher Nobakht told reporters.

Barca: We'll be back for Coutinho
At the start of the summer, he was being linked with a move to Barcelona on the recommendation of his Brazilian team mate, Neymar .

Anupam Kher appointed as the new FTII chairman
He is now the chairman at Actor Prepares. "There is a training process that one should go through to learn the craft". Previously, Kher has headed the Censor Board and the National School of Drama. "What else do I need?" he said.

South Korea claims North hacked nuclear attack response plans
In a pair of tweets sent Saturday afternoon, Trump said past agreements with North Korea have all been violated. Deputy Secretary of State John Sullivan on October 18 in Seoul, according to Seoul's foreign ministry.

Trump Demands Border Wall Funding For DACA Deal
If he intends to stick to his list and demands that all of the items mentioned are fulfilled, a consensus will never be reached. Schumer and Pelosi issued a joint statement Sunday night accusing Trump of reneging on the deal.

Russian Federation confirms sale of S-400 missile systems to Saudi Arabia
The US State Department has approved an estimated $15bn possible sale of a THAAD anti-missile defence system to Saudi Arabia. It is expected the sale will beef-up security in the nuclear-hungry Middle East.

Russian expert suggests signing Iran-style nuke deal with North Korea
The International Atomic Energy Agency and the U.S intelligence community will monitor Iran's nuclear commitments regardless. Trump can then legitimately claim that he has succeeded in beginning to renegotiate the nuclear agreement as he promised .

W Bengal, Odisha, Chattisgarh, Bihar, Jharkhand likely to experience heavy rainfall
Another flight from Silchar to Kolkata had to land at Guwahati and a flight from Agartala to Kolkata had to return. The rain in the city, that had hit flights, trains and road transportation yesterday, relented since last night.

EasyJet plc (EZJ) Receives "Hold" Rating from Investec
Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Magnetar Fincl Lc holds 0.02% or 13,219 shares in its portfolio. 542,580 are held by Alliancebernstein L P.

Catalan leaders under pressure over independence threat to break away from Spain
Since last week, the region's two largest banks and some of its biggest companies have relocated to elsewhere in Spain. Monday meeting was suspended by the Spanish Constitutional Court to pre-empt a hypothetical push for independence.

Microsoft Says No More New Features or Hardware for Windows 10 Mobile
It can be recalled that Windows Phone had gained popularity for the interactive interface which impressed tech critics. Development on the Windows 10 Mobile operating system will end, as will any further hardware development.

Jemele Hill suspended by ESPN over tweets
Shortly after her suspension was announced , race-baiting Twitter users accused ESPN of suspending her because she is black. Hill , an African American woman, followed up with this: "His rise is a direct result of white supremacy".

Man who found missing Minnesota girl gives $7G reward to her
Jasmine had been missing for 29 days when she finally found an opportunity to make a run for it and could be returned to safety. They are alleged to have threatened her with weapons at various different addresses within the vicinity of Mr Melchert's home.

Triangle group collects 50 tons of aid for Puerto Rico
Officers from several MA police departments are arriving in Puerto Rico Saturday on a mission to help on the hurricane-ravaged island.

Other news