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NAFTA Talks Stall
Efforts to finalize a revised NAFTA trade agreement appear to have stalled in the wake of President Donald Trump’s decision to impose tariffs on aluminum and steel from Canada and Mexico.
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Efforts to finalize a revised NAFTA trade agreement appear to have stalled in the wake of President Donald Trump’s decision to impose tariffs on aluminum and steel from Canada and Mexico.
Negotiators had been describing their progress in optimistic terms for weeks. But hope of reaching agreement in time for the current Congress to vote on a deal this year have evaporated. Says Senate Majority Whip John Cornyn, “It looks like they are kicking it over to 2019.”
Trump has repeatedly threatened to abandon the 24-year-old North American Free Trade Agreement entirely if trade envoys don’t reach an agreement soon. Bloomberg News notes that his next move may be to begin that process. Announcing the intent to quit NAFTA would begin a six-month waiting period, during which the three countries could continue to negotiate.
The White House also says that it’s open to the idea of replacing NAFTA with two bilateral deals, one between the U.S. and Canada and one between the U.S. and Mexico.
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