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No New NAFTA Proposals Yet for Cars from Canada, Mexico
NAFTA trade negotiators from Canada and Mexico say they won’t make specific counter-proposals to revisions demanded by the U.S. until the three parties can find possible areas for compromise.
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NAFTA trade negotiators from Canada and Mexico say they won’t make specific counter-proposals to revisions demanded by the U.S. until the three parties can find possible areas for compromise.
A sixth round of talks about updating the 24-year-old North American Free Trade Agreement are underway now in Montreal. So far, Canada and Mexico have flatly refused to consider a key U.S. proposal: that local content requirement for tariff-free vehicles be raised to 85% from the current 62.5%.
The proposal also would require that 50% of the content come from the U.S., regardless of which of the three countries produced the vehicle.
Negotiators and industry spokespeople tell Bloomberg News there could be progress if the U.S. is willing to consider new ways to calculate so-called rules of origin used to determine the value of local content.
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