Finance

Trump Calls On Canada, Mexico Not To Manipulate Their Currency

Trump Calls On Canada, Mexico Not To Manipulate Their Currency

It's the first time that USTR has included deficit reduction as a specific objective for NAFTA negotiation, reflecting the Donald Trump administration's determination to address the trade deficit.

USTR released the NAFTA negotiating objectives as required prior to the start of the talks, which will be held under a pressing political timeline due to elections next year in the U.S. and Mexico. The United States will seek to balance trade deficits and add items on a "digital economy" and labor and environmental obligations when renegotiations of the deal commence next month.

US President Donald Trump has described the North American Free Trade Agreement (NAFTA) as a "disaster" and ordered fresh talks earlier this year.

According to Monday's set to objectives, the Trump administration will take aim at reducing US trade deficits.

The US Trade Representative said that the balance of trade with Mexico had gone from a $1.3bn surplus to a $64bn deficit since the agreement took effect in 1994.

NAFTA rules of origin stipulate that to qualify for tariff-free access, some products need to be sourced to a certain degree regionally.

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The USTR will also seek to create a mechanism to deter currency manipulation, according to the document. The Trump administration also included language that would scrap a North American panel frequently used to review USA tariffs on allegedly dumped goods from Canada and Mexico.

President Donald Trump retreated from his threat to exit NAFTA, but has described the agreement as a "disaster" that has drained the United States of wealth and jobs.

The administration will work to eliminate "unfair subsidies" and "market-distorting practices" by state-owned enterprises and what it deems burdensome restrictions on intellectual property.

President Bill Clinton signed NAFTA in December 1993. The duties were less aggressive than expected.

"As the administration looks to highlight American-made products this week, there is no better way to do so than by charting a path to economic advancement for America's farmers, ranchers and foresters", Conaway stated in a prepared press release. Trump on Monday hosted companies from all 50 states that make products locally. He said. "We're going to start doing that again".


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