U.S. Says No Deadline on New NAFTA Deal

The U.S. could update the North American Free Trade Agreement with Mexico and Canada by year-end, but it says there is no formal deadline for a new deal.

One of President Donald Trump’s campaign promises was to revise NAFTA or walk away from the 23-year-old agreement unless the pact can be adjusted to remove what he considers elements that are unfair to U.S. interests.

Trade Representative Robert Lighthizer tells a Senate finance committee hearing that many people consider it unrealistic to expect a new NAFTA accord by the end of 2017. Formal talks aren’t expected to begin until mid-August. But senators caution that protracted talks would hurt U.S. business and farming interests.

Lighthizer also says any effort by the Trump administration to curb the sale of foreign steel and aluminum will be tempered by exclusions for materials that aren’t made in the U.S. Results of a Trump-ordered investigation into possible national security implications of current trade practices for the two metals is due at the end of June.