April 22, 2018

Ariz. business group opposes Trump on NAFTA

25 August 2017, 01:50 | Lionel James

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Aug 23 (Reuters) - U.S. stocks were set to open lower on Wednesday as investors pulled back after President Donald Trump warned of a government shutdown to build a Mexico border wall and threatened to terminate a trade agreement with Mexico and Canada.

President Donald Trump, speaking on Tuesday night in Arizona near the Mexican border, said it looks inevitable the USA will pull out of the North American Free Trade Agreement.

I don't think we can make a deal because we have been so badly taken advantage of.

Cornyn has spoken often about the importance of NAFTA, and reaffirmed as much last week when the Trump administration began renegotiating the two-decade old pact with Mexico and Canada, which has economically transformed the Valley.

Currency strategists were forecasting the US dollar to regain some strength in the second half of this year, however.

For one, U.S. Trade Rep Robert Lighthizer said rules of origin "must require higher NAFTA content and substantial U.S. content".

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The chief executive The Greenbrier Cos., a USA -based manufacturer of rail cars and parts, said the company's future depends on preserving the ability to trade freely with Canada and Mexico. Reducing technical trade barriers and the improving logistical movement of products, he said, would benefit all three countries. John Cornyn, a longtime supporter of free trade and updating NAFTA.

Along with calling for improvements to the dispute settlement process, Freeland said Canada wants "progressive" elements in a new NAFTA: stronger labour standards, tougher environmental protection provisions as well as chapters on gender and Indigenous rights. "There is no doubt in my mind that a trade agreement that was negotiated twenty-some odd years ago can be updated". Canada and Mexico oppose that idea. WPP'S US -listed shares sank 11.2 per cent.

"The strategy of building a wall seems a losing one, even ignoring its moral repugnance", said John Taylor, Jr., president and founder of Taylor Global Vision, a global macro and FX research firm in NY.

He's put out videos featuring people and businesses that have benefited from the trade pact. Trump's top economic policy officials, Gary Cohn and Steve Mnuchin, don't appear to particularly share the president's views on trade policy, and Republican Party congressional leaders certainly don't.

Mexican Foreign Minister Luis Videgaray said that Mexico would not be scared by Trump's comments, while his colleague, Economy Minister Ildefonso Guajardo added that Mexico has a backup plan if NAFTA disintegrates. Saying NAFTA had cost America hundreds of thousands of jobs, Lighthizer insisted on the need to take steps to reduce America's trade deficit and to ensure that more of the goods that qualify for NAFTA's duty-free status be made in the United States. NAFTA negotiations just started. "I believe that he [Trump] knows NAFTA is critical to the USA economy".

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