US President Donald Trump said on Sunday that he plans to begin talks soon with the leaders of Canada and Mexico on renegotiating the North American Free Trade Agreement (NAFTA).
“We will be starting negotiations having to do with NAFTA,” Trump said at a swearing-in ceremony for his top White House advisers, Reuters reports.
“We are going to start renegotiating on NAFTA, on immigration and on security at the border”, the new US president was quoted as saying.
Trump pledged during his presidential campaign that if elected he would renegotiate the NAFTA trade pact to provide more favorable terms to the United States.
NAFTA, which took effect in 1994, and other trade deals became lightning rods for voter anger in the US industrial heartland states that swept Trump to power in the November election.
Trump said he would be meeting with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto to begin work on overhauling the deal.
The new US president has said little about what improvements he wants, apart from halting the migration of US factories and jobs to Mexico.
Trade experts say Canada and Mexico will also seek tough concessions and that NAFTA’s zero-tariff rate would be extremely difficult to alter.
Any renegotiation would likely take several years, they say.
– Contact us at [email protected]