The US President Donald Trump has been speaking aggressively since long; to abandon North American Free Trade Agreement (NAFTA) if a better compliance cannot get constructed. Trade officials have been putting in to conclude the issue with feasible negotiations and finalize a new agreement prior to Mexico’s presidential election on July 1.
On Friday, Ten American and foreign auto manufacturers have an hour-long conference with Donald Trump at White House to discuss the possible diminishing of U.S. fuel efficiency standards through 2025. Whereas Mr. Trump seemed to be in the more attacking mood and exploited the occasion by bombarding verbal assault on the NAFTA for benefiting the companies.
The North American Free Trade Agreement (NAFTA), the trilateral trade deal was passed by Congress in 1993 during Bill Clinton’s presidency involving the U.S., Canada, and Mexico. This agreement came into effect in 1994.
“We’re working on CAFE standards, environmental controls,” Trump told reporters at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States. Courtesy: https://www.reuters.com/
The Trump administration is looking forward to an agreement, which boosts the U.S. content of vehicles. The NAFTA issue is dominant over President’s mind. In his, every alternate speech Trump pushes “Make in America”, he wants this to be applicable on automobile sector as well and wants automakers to expand manufacturing of vehicles in the United States and should accentuate on exporting vehicles.
“NAFTA has been a horrible, horrible disaster for this country and we’ll see if we can make it reasonable,” Trump said. Courtesy:https://www.reuters.com/
In around an hour-long conference focused on NAFTA, the automakers couldn’t convince Mr. President to retain this agreement just the same way it is working, instead Trump hexed the pact as “terrible” for the United States, Canada, and Mexico as well.
“What I’m urging is, don’t negotiate a protectionist agreement and then threaten to pull out from the current agreement and tell Republican pro-trade senators, well, here’s your choices: this lesser NAFTA or nothing,” Toomey said. Courtesy: https://www.cnbc.com/
In Friday’s Wall Street Journal, Toomey commented on pulling out of NAFTA that the historic agreement should be renegotiated instead of eradicating it completely. In his vision, the best possible outcome will be the improvisation of the existing deal.
All three involved nations are looking forward to one same question; “What will President Trump finally do on NAFTA?”
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