Auto suppliers fear job losses if U.S. quits NAFTA

by Garry Watts October 13, 2017, 0:11
Auto suppliers fear job losses if U.S. quits NAFTA

"With an agreement, in 10 years I see a strong region that can face Asia or China, without an agreement I see a weaker region in the medium and long term".

Trudeau told reporters in Washington DC that he agreed with the USA president that that the NAFTA trade deal needed to be revamped and that any new agreement needed to "give citizens opportunities to succeed".

Mexico has been more assertive with Washington, talking openly about abandoning NAFTA if need be or slashing imports of US grain.

Reuters says that if Britain did join NAFTA, exporters to the European Union and North America would have to produce goods in accordance with the two separate sets of rules, according to trade analysts.

"Despite the non-cooperative approach to some of our Administration's policy proposals, our counterparts in Mexico and Canada are still negotiating with us in full faith".

Crude has also failed to benefit from Trump's likely move to decertify the global deal to curb Iran's nuclear program; a decision that could make it more hard for Iran to produce and sell its oil.

"I think it's been clear that circumstances are often challenging, and we have to be ready for anything — and we are", Trudeau said.

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Trump has railed against the multi-party deal, achieved by his predecessor Barack Obama, and appears ready to pull out of it. During a meeting on the sidelines of the U.N.

Trudeau officials deny Trump is targeting Canada as part of the NAFTA talks, saying the airliner and softwood disputes have been rumbling on for years. Mexico strongly opposes such a move, which would damage its own auto industry.

People briefed on USA proposals to be presented this week said Washington is seeking to sharply lift North American content threshold in auto manufacturing.

The U.S. side sees strengthening the rules of origin for the auto industry as a way to bring back automotive production and jobs from Asia. The negotiations were extended on Wednesday by two days to Oct 17.

The Chamber and the trade group for Mexico's auto industry already have come out against an anticipated proposal to raise USA -specific content.

Rules of origin will be discussed by negotiators today, Sunday and Monday, according to an agenda obtained by Bloomberg. In addition, officials said they are preparing for the possibility of ending the NAFTA and moving USA $1 trillion in annual trade.

While better than a bad deal, Vogel said the failure of NAFTA would be a "lose-lose" situation, and that U.S. -Mexico trade without it could lead to a U.S. trade deficit larger than the current $64 billion.

"If the required content to hit the threshold for a NAFTA vehicle is too high, people may say, 'Look, it's just too hard, it's too high, so we'll just ship the vehicles in, '" Magna International Inc. "Among conditions demanded by the US are a significant increase in regional content - particularly USA content - in the region's exports, a uniform upper limit for government purchases, some restrictions to agriculture products coming to the US from Mexico and Canada, and the elimination of the chapter on resolution of controversies".


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