"The news today that the administration is focused on a realistic modernization of NAFTA rather than a massive overhaul that could cost US sectors export markets is worth retweeting", Gold said.Matt Gold, who teaches global trade law at Fordham, is reasonably confident and not for nothing. "Modest tweaks will not stop NAFTA's ongoing damage, much less deliver on (President Donald) Trump's promises for a deal that will create American jobs and raise wages", she says. Trump pulled the country out of TPP during his first week in office, before Congress could approve the deal. "But we're going to give renegotiation a good, strong shot". There's no guarantee its next president will cooperate with Trump on NAFTA given his anti-Mexico rhetoric.
US Commerce Secretary Wilbur Ross meanwhile said with the NAFTA announcement "we intend to notify not just Congress, but all our trading partners, that free and fair trade is the new standard for US trade deals". Trump's NAFTA "re-do", like the TPP, will encourage corporations to pollute our air and water, poison our food and accelerate climate change. Since NAFTA went into effect January 1, 1994, US trade north and south of the borders has more than tripled, growing more rapidly than USA trade with the rest of the world. Campaigning previous year, Trump vowed to renegotiate NAFTA and pull out of it he couldn't get a better deal.
Ross says the US manufacturing industry has been decimated by NAFTA, a deal the White House considers deeply unfair.More news: One killed in Barron County tornado
"With this renegotiation of NAFTA, the Trump Administration has the opportunity to reset that agenda by instituting a new, fair trade framework that works for family farmers, ranchers, and rural residents".
"I decided rather than terminating NAFTA, which would be a pretty big, you know, shock to the system, we will renegotiate", he told reporters in April, as NPR reported.
Thursday's letter had fewer specifics.More news: Tulsa leaders plead for calm after cop acquitted in man's death
However, they had done so in such a way as to preserve their interests with the USA administration, Garcia added.
"For far too long, our nation has stuck to a free trade agenda that has led to a massive $500 billion annual trade deficit, lost jobs, and lowered wages in rural communities across the US", said Roger Johnson, NFU president.
"They will be setting out the process for their negotiations and the issues that will be subject to the negotiations", Dattu said.More news: Oil producers' talk of longer cuts spurs optimism
"We look forward to working with the administration to strengthen the agreement in a seamless way and ensure that we retain the current benefits for American workers, farmers and businesses", said Texas Republican Rep. Kevin Brady, chairman of the House Ways and Means Committee. Political pressures in 2018 - a presidential election in Mexico and congressional elections in the United States - could make it harder to seal an agreement next year.
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