Nafta

The Daily Update - New NAFTA / Blinkered Italians

The Daily Update - New NAFTA / Blinkered Italians

Late last night, the United States, Mexico and Canada reached a new tri-lateral trade agreement that will replace the North American Free Trade Agreement (NAFTA) it was announced. Talks on the new deal have been ongoing for more than a year to replace the 24-year-old NAFTA agreement, which Trump famously called ‘the worst deal ever’. The new pact, which is being called the U.S.-Mexico-Canada Agreement (USMCA), will come up for review in six years, which, according to a senior American official, will give the US a ‘significant new form of leverage’ to make sure the agreement continues to be to the US’ liking.

The Daily Update - NAFTA and AMLO's letter

The Daily Update - NAFTA and AMLO's letter

Andrés Manuel López Obrador (AMLO), will not be officially inaugurated as Mexico’s next President until December but already looks to be taking a proactive role on issues such as NAFTA. Since his Presidential election victory on 1 July, he has written to Trump advocating that the US and Mexico work together on the key issues of ‘trade, migration, development, and security’.

The Daily Update - NAFTA 2.0...let the negotiations begin

Nafta talks are set to take centre stage in Washington tomorrow; where representatives from the US, Canada, and Mexico are expected to discuss the likes of: cutting the US’ trade deficit with Mexico, Canada’s wish to retain the ‘essential’ Chapter 19 panels, ‘rules of origin’, ‘Buying America’, climate talks, the digital revolution... amongst others. Some pretty high profile and strongly opinionated figures including Wilbur Ross and Bob Lighthizer will be pushing for both Canada and Mexico to increase their US imports, for example.

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