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Trump renews threat to scrap NAFTA going into next round of talks

Trump renews threat to scrap NAFTA going into next round of talks”

U.S. President Donald Trump reiterated a threat Sunday morning to terminate the North American Free Trade Agreement, accusing Canada and Mexico of "being very difficult".

This past Tuesday, Trump said he didn't think the USA can strike a deal with Canada and Mexico "because we have been so badly taken advantage of".

Trump says that both Canada and Mexico are both being "difficult".

Trump regularly refers to NAFTA as the "the worst trade deal maybe ever signed anywhere". It would normally be a big negative for the loonie and peso but I'm starting to think Trump doesn't have the support to win.

Both Mexican and Canadian officials also think Trump is trying to gain a negotiating advantage with his remarks. It was unclear how Trump's repeated suggestions of abandoning NAFTA would affect negotiations.

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Canada is also disrupting dairy trade in North America and beyond as its new Class 6/7 pricing scheme dumps artificially low-priced milk powder in global markets, displacing US exports from the Canadian market. "So I think we'll end up probably terminating NAFTA at some point".

As for violence in Mexico, the Mexican government cited the "high demand" for drugs in the key to the ongoing drug-related turmoil south of the border. "You're in good hands, I can tell you".

"We have not made backup plans if NAFTA were to go away because we would like to give the negotiations a chance to be successful before we start thinking about Plan B", said Veronica Nigh, trade economist for the American Farm Bureau. Agriculture Secretary Sonny Perdue is credited with helping to persuade Trump in April to renegotiate NAFTA rather than abandon it. At present, trade law requires damage to the industry nationwide.

Griffith said that Peña Nieto is unequivocal "publicly", although Camerota had quoted him during a private conversation that was later released, that Mexico will "want to continue to have trade with these United States, and to bring their products north".

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