NAFTA 2.0 — U.S. Looks to Renegotiate

NAFTA flag 2

CBJ — The Trump administration has formally launched its effort to renegotiate the North American Free Trade Agreement with Canada and Mexico to try to win better terms for U.S. workers and manufacturers.

With a letter to U.S. lawmakers, U.S. Trade Representative Robert Lighthizer said he triggered a 90-day consultation period with the U.S. Congress and American public that would allow NAFTA talks to begin after Aug 16.

Renegotiation of NAFTA was a key campaign promise of U.S. President Donald Trump, who frequently called the 23-year-old trade pact a “disaster” that has drained U.S. factories and well-paid manufacturing jobs to Mexico.

Lighthizer told reporters that NAFTA has been successful for U.S. agriculture, investment services and the energy sector, but not for manufacturing. He added that he hopes to complete negotiations by the end of 2017.

At one point Trump threatened to cancel the trade agreement altogether, but later softened his stance, saying it needed “tweaking” in several key areas.

@CanBizJournal

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