Trump administration launches NAFTA renegotiations to 'modernize' trade deal by year's end

"First, we must do no harm", the U.S. Chamber of Commerce said.

Renegotiation of Nafta was a key campaign promise of American president Donald Trump, who frequently said the 23-year-old trade pact was a "disaster" that has drained USA factories and well-paid manufacturing jobs to Mexico. Our hope is that the Administration will work to ensure that a re-negotiated NAFTA and all future agreements make it even easier for US insurers to do business around the world without jeopardizing the benefits the NAFTA now offers.

The Trump administration on Thursday set the clock ticking towards a mid-August start of renegotiations of the North American Free Trade Agreement with Canada and Mexico to try to win better terms for American workers and manufacturers. Democratic congressmen Richard Neal and Bill Pascrell Jr. said Lighthizer's Nafta letter was lacking in specifics and didn't appear to be seeking the "fundamental reform" that Trump promised during the election.

"If special interests dictate how NAFTA is renegotiated, the new deal could become more damaging for working families", Dingell said. "United Fresh will work to ensure that changes to NAFTA reflect those principles", mentioned Guenther.

The move was met with skepticism by organizations that have long pressed for major changes to Nafta and have argued that Mr. Trump had already fallen short of his promises on trade. "But we're going to give renegotiation a good, strong shot".

She reiterated the government's key message on NAFTA - that it is in fact a good deal for all parties, including the US, where nine million American jobs are dependent on it.

Pacheco feels the NAFTA negotations might mimic a recent trade deal between USA and China that many called lackluster. Since NAFTA went into effect January 1, 1994, USA trade north and south of the borders has more than tripled, growing more rapidly than US trade with the rest of the world. At the joint news conference, Videgaray told reporters that the Mexican government welcomes NAFTA renegotiations, which he said will "make our trade agreement better - better for the people of Mexico, the people of the United States, and the people of Canada". Now, officials on both sides say they want to make a new agreement by the end of this year.

U.S. Wheat Associates and the National Association of Wheat Growers are also hoping for caution in the upcoming negotiations. The veteran trade lawyer said the US would prefer to keep the three-way structure, a notable comment from an administration that has denounced multilateral deals as unwieldy.

Randy Hoback, the Conservative Party's critic for Canada-U.S. relations, said Thursday that NAFTA has been a good agreement over the years, so there's a good base for the three countries to build upon.

"The net overall effect of NAFTA on the US economy appears to have been relatively modest, primarily because trade with Canada and Mexico accounts for a small percentage of US GDP".

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