US, Canada, Mexico pledge quick work to update NAFTA

NAFTA Round One: Gordon Johnson Weighs In On Free Trade's Effects On Steel, Manufacturing

NAFTA Round One: Gordon Johnson Weighs In On Free Trade's Effects On Steel, Manufacturing

The opening round got off to a tense start last week as U.S. Trade Representative Robert Lighthizer said the U.S. wouldn't accept a "tweaking" of the deal that President Trump says has failed Americans and gutted U.S. manufacturing.

Canadian Prime Minister Justin Trudeau (L) and U.S. President Donald Trump talk as they arrive for a family photo, during the G7 Summit in Taormina, Sicily, Italy, May 26, 2017. "I think we'll probably end up terminating Nafta at some point", Mr Trump said at a political rally in Phoenix, Arizona.

"Personally, I don't think we can make a deal".

"I personally don't think you can make a deal without a termination but we're going to see what happens, OK?" Detailed conceptual presentations were made by the United States, Mexico and Canada across the scope of the agreement, and negotiating groups began work to advance text and agreed to provide additional text, comments or alternate proposals during the next two weeks.

The current regional content required for vehicles and auto parts within NAFTA is 62.5 percent, making it the most strict sector in the free-trade agreement.

Mexican and Canadian officials have cast NAFTA as a success that needs only moderate revisions to keep up with changing economies.

Canada, Mexico, and the U.S. have released a trilateral statement on the first round of NAFTA renegotiation talks, which they said covered more than two dozen different topics. Additional rounds are being planned "for the remainder of the year", the countries said.

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