After days of intense negotiations, the U. S. and Canada failed to agree on a deal by a Friday deadline to update the North American Free Trade Agreement.
After days of intense negotiations, the U. S. and Canada failed to agree on a deal by a Friday deadline to update the North American Free Trade Agreement.
But U. S. Trade Representative Robert Lighthizer said that President Trump notified Congress of his intent to sign a trade agreement with Mexico „and Canada, if it is willing – 90 days from now.“
Canada rejoined NAFTA talks on Tuesday, a day after the U. S. and Mexico reached a deal, tweaking the free trade agreement. President Trump said he had a new name for that pact: the United States-Mexico Trade Agreement.
The White House said a deal with Canada had to be reached by Friday, when it would send the Mexico agreement to Congress for a 90-day review required by law.
The new agreement would take over for NAFTA, the landmark pact reached in 1994. That deal was struck between three countries — Canada, the U. S. and Mexico — and removed many barriers to trade and investment among the three countries.
Originally proposed by President Ronald Reagan, NAFTA was approved by Congress after lengthy negotiations and signed into law by President Clinton.
Since the agreement took effect on Jan. 1,1994, trade among the three countries has skyrocketed, and industries such as autos and trucks have flourished under elaborate supply chains that crisscross national borders tariff-free.
