Trump Injects New Threat of Nafta Withdrawal Into Talks

US President Donald Trump " s warning that he may cancel the North American Free Trade Agreement (NAFTA), is a negotiation strategy, Mexican Foreign Minister Luis Videgaray stated today.

Trump's latest denunciation of NAFTA came just days after the first round of talks to update the pact ended over the weekend without much progress.

He has since ordered a re-negotiation and the first five-day round of the those talks has taken place, ending this past Sunday.

The three partners are aiming to conclude negotiations by early 2018 to avoid a clash with election campaigns looming among the NAFTA members.

The territory also imported $50 million worth of goods and services from the US that year - mostly fish and petroleum products.

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The farm leaders agreed that even though NAFTA has been largely positive for North American agriculture as a whole, there remains room for improvement.

"You can have a tax cut, but if you have a trade war, that is going to impact the economic growth", Mr Cardillo said.

Forecast-beating surveys in the eurozone's two biggest economies, France and Germany, helped pull the euro up against the dollar, which had wobbled against the yen overnight on comments from President Trump.

"Personally, I don't think we can make a deal.I think we'll end up probably terminating NAFTA at some point", Trump told a rally in Arizona on Tuesday (22 August) night. "It's not going to cause us to waver at all in our position ..." "They need to show a victory".

Meanwhile, Trump reopened negotiations of the 1994 treaty out of concern that the US economic interests were suffering.

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President Trump gives a thumbs up to supporters at the Phoenix Convention Center during a rally on Tuesday. For example, "If you make it too onerous, does a company or supplier say, 'Forget about compliance". I personally don't think you can make a deal without termination but we'll see what happens.

Officials from the U.S., Canada and Mexico met in Washington last week to officially start renegotiating NAFTA, the deal that has bound the three economies together since 1994.

American political analysts also note that it would be hard if not impossible for a president to unilaterally terminate the deal as the U.S. Congress is responsible for regulating trade. Trade is vital to the health of the industry, and we should be doing everything we can to increase opportunities for our producers to feed the world.

According to Ottawa, the trade between the two countries reached almost $ 882 billion $ in 2016. They have made such great deals - both of the countries, but in particular Mexico - that I don't think we can make a deal.

Oil, a key Canadian export, rose on Wednesday after data showed US crude inventories fell for the eighth straight week, while a storm heading toward the Gulf Coast had the potential to disrupt output.

More news: Hurricane Gert on its way as rainfall warning issued for west

"I will continue to work with the administration to ensure any new agreement is in the best interest of the Texans whose livelihoods depend on free and fair trade across our borders".


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