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  • What's happening today is that President Trump and Enrique Peña Nieto, the Mexican president,

  • agreed on a bilateral deal to revamp NAFTA and to, sort of, ending months of acrimonious negotiations between the US and Mexico on trade.

  • And they finally restruck a deal on issues ranging from cars to agriculture to investor protection.

  • But there's a notable absence in all this, which is Canada,

  • and which was part of the original NAFTA deal.

  • So it's in sort of incomplete renegotiation of NAFTA.

  • And tomorrow on Tuesday, Chrystia Freeland,

  • the foreign minister of Canada, is flying to Washington in an attempt

  • to forge a trilateral deal by the end of the week.

  • But it's going to be tough.

  • What's going to happen next is that in the coming days, the US, Mexico, and Canada are going

  • to huddle in an attempt to see if they can find a sort of trilateral deal.

  • In particular, the negotiations are going to be between Canadian officials and US officials.

  • If they can resolve their issues and come together on a deal that involves all three sides,

  • then that would pave the way for really what would be the true sort of new NAFTA, the NAFTA 2.0.

  • But even then, once that deal is hatched,

  • there would be a long period of a few months

  • before the deal can be actually considered by all the legislatures and the US Congress, in particular.

  • And there's no guarantee that there will be sort of a positive vote in the US Congress for sure on an agreement, given, sort of, all

  • of the crisscrossing vetoes and different ambiguous feelings about trade.

  • And also, especially if the Democrats

  • come to control Congress in the new session,

  • whether they would be amenable to giving President Trump such a win as the renegotiation of NAFTA certainly would be.

What's happening today is that President Trump and Enrique Peña Nieto, the Mexican president,

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B1 US FinancialTimes nafta deal sort mexico congress

US and Mexico Reach Breakthrough on Nafta

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    Liang Chen posted on 2018/10/04
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