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NAFTA Talks Sour as Trump Tariffs Threaten Trade War
Efforts to update the North American Free Trade Agreement have waivered after President Donald Trump’s call on Thursday for stiff tariffs on imported steel and aluminum.
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Efforts to update the North American Free Trade Agreement have waivered after President Donald Trump’s call on Thursday for stiff tariffs on imported steel and aluminum.
If implemented, the new taxes—25% on steel and 10% on aluminum—are widely expected to trigger global trade retaliation. Trump declared earlier today that he considers trade wars as “good,” and “easy to win.”
Most economic and trade experts have disagreed. They say the economic repercussions of escalating import restrictions cause far more damage than good and could lead to a global recession.
NAFTA envoys from Canada and Mexico have threatened retaliation if the U.S. fails to exempt them from the proposed sanctions on the two metals.
The discord comes as negotiators finish up a seventh rounds of NAFTA talks in Mexico City this weekend. Those sessions made no headway on the key issue of local content requirements for cars shipped duty-free under the pact across borders between Canada, Mexico and the U.S.
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