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Old 08-28-2018, 12:15 AM   #1
The_Waco_Kid
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Default U.S., Mexico reach NAFTA deal, turn up pressure on Canada

https://www.yahoo.com/finance/news/u....html#comments


U.S., Mexico reach NAFTA deal, turn up pressure on Canada

By Roberta Rampton and Jeff Mason,Reuters




U.S. President Donald Trump gets some assistance with a speakerphone call to Mexican President Enrique Pena Nieto to announce a deal to replace the North American Free Trade Agreement (NAFTA) at the White House in Washington, U.S., August 27, 2018. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact.

Auto stocks soared and the S&P 500 and the Nasdaq rallied to record highs on the expectation that Canada would sign onto the deal and ease the economic uncertainty caused by U.S. President Donald Trump's repeated threats to ditch the 1994 accord.

Details of gains and concessions in the deal were only starting to emerge on Monday. Trump threatened he still could put tariffs on Canadian-made cars if Canada did not join its neighbors and warned he expected concessions on Canada's dairy protections.

"I think with Canada, frankly, the easiest we can do is to tariff their cars coming in. It's a tremendous amount of money and it's a very simple negotiation. It could end in one day and we take in a lot of money the following day," Trump said.

Trump and Canadian Prime Minister Justin Trudeau discussed trade in a telephone call on Monday and "agreed to continue productive conversations," White House spokeswoman Sarah Sanders said in a statement.

Negotiations among the three partners, whose mutual trade totals more than $1 trillion annually, have dragged on for more than a year, putting pressure on the Mexican peso and the Canadian dollar . Both currencies gained against the U.S. dollar after Monday's announcement.

The political stakes are high for all three countries. Trump and Republicans in the U.S. Congress up for re-election in November want to ensure farmers and other voters whose jobs depend on trade with Canada and Mexico that the deal is sealed.

Mexican President Enrique Pena Nieto wants to sign the agreement before leaving office at the end of November, and Trudeau faces a national election expected by October 2019.
Canadian Foreign Minister Chrystia Freeland is expected to travel to Washington for talks on Tuesday. Her spokesman said Canada would sign only a new agreement that is good for the country.

Trump's economic adviser, Larry Kudlow, told reporters the deal with Mexico should serve as a "reset" for talks with Canada.

90-DAY WINDOW

If talks with Canada are not wrapped up by the end of this week, Trump plans to notify Congress that he has reached a deal with Mexico, but would be open to Canada joining, U.S. Trade Representative Robert Lighthizer told reporters.

The White House said Trump will sign the deal in 90 days. Congress has to approve it.
"There are still issues with Canada but I think they could be resolved very quickly," a senior trade official told Reuters in an interview.

Some Republicans in Congress called the deal a positive step but said Canada must be part of the new pact.

Trudeau spoke to Pena Nieto on Sunday and shared their commitment to reaching a successful conclusion of NAFTA "for all three parties," the prime minister's office said.

Mexican Foreign Minister Luis Videgaray told a news conference in Washington that if Canada and the United States do not reach an agreement on NAFTA, "we already know that there will still be a deal between Mexico and the United States."

NEW AUTO RULES

The Mexico-U.S. discussions focused on crafting new rules for the automotive industry, which Trump has put at the heart of his drive to rework a pact he has repeatedly described as a "disaster" for American workers.

Matt Blunt, president of the American Automotive Policy Council, which represents General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles NV , said the group was optimistic about the new deal, though it was still reviewing the details.

The deal would require 75 percent of auto content to be made in the NAFTA region, up from the current level of 62.5 percent, a U.S. trade official said. A fact sheet describing the bilateral agreement specified the content would be made in the United States and Mexico.

That requirement could shift some auto parts manufacturing to Mexico from China, a White House official told Reuters, speaking on condition of anonymity.

The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour.

That measure could move some production back to the United States from Mexico and should lift Mexican wages, the White House official said.

A source in South Korea's auto industry said many automakers would find it difficult to meet the rule on workers' wages, which are much cheaper in Mexico. The trade minister said South Korea was analysing the deal's impact on its auto industry.

Some Japanese automakers could face a similar challenge, but their responses on Tuesday were mostly positive.

"Toyota is pleased to hear that progress is being made by U.S. and Mexico negotiators to reach a consensus on modernizing NAFTA," the car maker said.

"We are hopeful that any changes are fair and balanced."

Nissan said it was "encouraged that an agreement was reached, and hope that it appropriately considers the impact on our employees, suppliers and customers."

The United States relented on its demand for an automatic expiration for the deal, known as a "sunset clause."

Instead, the United States and Mexico agreed to a 16-year lifespan for the deal, with a review every six years that can extend the pact for 16 years, Lighthizer said.

Mexico agreed to eliminate dispute settlement panels for certain anti-dumping cases, a move that could complicate talks with Canada, which had insisted on the panels.

Monday's announcement lifted equity markets in all three countries, with shares in automotive companies standing out on relief that the deal appeared to end the uncertainty that has dogged the sector for months.

General Motors Co , Ford Motor Co , and Fiat Chrysler Automobiles NV gained between 3.3 percent and 4.8 percent, while Canadian auto parts makers such as Magna International Inc gained 4.6 percent.

(Reporting by Roberta Rampton and Jeff Mason; Additional reporting by Sharay Angulo, David Lawder, Dave Graham, Andrea Hopkins, David Shepardson, Hyunjoo Jin in SEOUL and Maki Shiraki in TOKYO; Editing by Sandra Maler and Clarence Fernandez)
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Old 08-28-2018, 05:42 AM   #2
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One key sentence in the link is the requirement that all auto manufacturing jobs be held by workers making at least $16 an hour.

This is great for solving the illegal immigration problem in the US. President Trump believes that making Mexico better is the real solution.
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Old 08-28-2018, 06:05 AM   #3
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Originally Posted by Jackie S View Post
One key sentence in the link is the requirement that all auto manufacturing jobs be held by workers making at least $16 an hour.

This is great for solving the illegal immigration problem in the US. President Trump believes that making Mexico better is the real solution.
The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour.

That provision also puts pressure on the Asian manufacturers and should lift US wages.

It is a good deal all around and continues to illustrate Trump's positive impact on American economic activity.
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Old 08-28-2018, 07:10 AM   #4
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Originally Posted by The_Waco_Kid View Post
https://www.yahoo.com/finance/news/u....html#comments


U.S., Mexico reach NAFTA deal, turn up pressure on Canada

By Roberta Rampton and Jeff Mason,Reuters




U.S. President Donald Trump gets some assistance with a speakerphone call to Mexican President Enrique Pena Nieto to announce a deal to replace the North American Free Trade Agreement (NAFTA) at the White House in Washington, U.S., August 27, 2018. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact.

Auto stocks soared and the S&P 500 and the Nasdaq rallied to record highs on the expectation that Canada would sign onto the deal and ease the economic uncertainty caused by U.S. President Donald Trump's repeated threats to ditch the 1994 accord.

Details of gains and concessions in the deal were only starting to emerge on Monday. Trump threatened he still could put tariffs on Canadian-made cars if Canada did not join its neighbors and warned he expected concessions on Canada's dairy protections.

"I think with Canada, frankly, the easiest we can do is to tariff their cars coming in. It's a tremendous amount of money and it's a very simple negotiation. It could end in one day and we take in a lot of money the following day," Trump said.

Trump and Canadian Prime Minister Justin Trudeau discussed trade in a telephone call on Monday and "agreed to continue productive conversations," White House spokeswoman Sarah Sanders said in a statement.

Negotiations among the three partners, whose mutual trade totals more than $1 trillion annually, have dragged on for more than a year, putting pressure on the Mexican peso and the Canadian dollar . Both currencies gained against the U.S. dollar after Monday's announcement.

The political stakes are high for all three countries. Trump and Republicans in the U.S. Congress up for re-election in November want to ensure farmers and other voters whose jobs depend on trade with Canada and Mexico that the deal is sealed.

Mexican President Enrique Pena Nieto wants to sign the agreement before leaving office at the end of November, and Trudeau faces a national election expected by October 2019.
Canadian Foreign Minister Chrystia Freeland is expected to travel to Washington for talks on Tuesday. Her spokesman said Canada would sign only a new agreement that is good for the country.

Trump's economic adviser, Larry Kudlow, told reporters the deal with Mexico should serve as a "reset" for talks with Canada.

90-DAY WINDOW

If talks with Canada are not wrapped up by the end of this week, Trump plans to notify Congress that he has reached a deal with Mexico, but would be open to Canada joining, U.S. Trade Representative Robert Lighthizer told reporters.

The White House said Trump will sign the deal in 90 days. Congress has to approve it.
"There are still issues with Canada but I think they could be resolved very quickly," a senior trade official told Reuters in an interview.

Some Republicans in Congress called the deal a positive step but said Canada must be part of the new pact.

Trudeau spoke to Pena Nieto on Sunday and shared their commitment to reaching a successful conclusion of NAFTA "for all three parties," the prime minister's office said.

Mexican Foreign Minister Luis Videgaray told a news conference in Washington that if Canada and the United States do not reach an agreement on NAFTA, "we already know that there will still be a deal between Mexico and the United States."

NEW AUTO RULES

The Mexico-U.S. discussions focused on crafting new rules for the automotive industry, which Trump has put at the heart of his drive to rework a pact he has repeatedly described as a "disaster" for American workers.

Matt Blunt, president of the American Automotive Policy Council, which represents General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles NV , said the group was optimistic about the new deal, though it was still reviewing the details.

The deal would require 75 percent of auto content to be made in the NAFTA region, up from the current level of 62.5 percent, a U.S. trade official said. A fact sheet describing the bilateral agreement specified the content would be made in the United States and Mexico.

That requirement could shift some auto parts manufacturing to Mexico from China, a White House official told Reuters, speaking on condition of anonymity.

The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour.

That measure could move some production back to the United States from Mexico and should lift Mexican wages, the White House official said.

A source in South Korea's auto industry said many automakers would find it difficult to meet the rule on workers' wages, which are much cheaper in Mexico. The trade minister said South Korea was analysing the deal's impact on its auto industry.

Some Japanese automakers could face a similar challenge, but their responses on Tuesday were mostly positive.

"Toyota is pleased to hear that progress is being made by U.S. and Mexico negotiators to reach a consensus on modernizing NAFTA," the car maker said.

"We are hopeful that any changes are fair and balanced."

Nissan said it was "encouraged that an agreement was reached, and hope that it appropriately considers the impact on our employees, suppliers and customers."

The United States relented on its demand for an automatic expiration for the deal, known as a "sunset clause."

Instead, the United States and Mexico agreed to a 16-year lifespan for the deal, with a review every six years that can extend the pact for 16 years, Lighthizer said.

Mexico agreed to eliminate dispute settlement panels for certain anti-dumping cases, a move that could complicate talks with Canada, which had insisted on the panels.

Monday's announcement lifted equity markets in all three countries, with shares in automotive companies standing out on relief that the deal appeared to end the uncertainty that has dogged the sector for months.

General Motors Co , Ford Motor Co , and Fiat Chrysler Automobiles NV gained between 3.3 percent and 4.8 percent, while Canadian auto parts makers such as Magna International Inc gained 4.6 percent.

(Reporting by Roberta Rampton and Jeff Mason; Additional reporting by Sharay Angulo, David Lawder, Dave Graham, Andrea Hopkins, David Shepardson, Hyunjoo Jin in SEOUL and Maki Shiraki in TOKYO; Editing by Sandra Maler and Clarence Fernandez)
Quote:
Originally Posted by Jackie S View Post
One key sentence in the link is the requirement that all auto manufacturing jobs be held by workers making at least $16 an hour.

This is great for solving the illegal immigration problem in the US. President Trump believes that making Mexico better is the real solution.
Quote:
Originally Posted by friendly fred View Post
The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour.

That provision also puts pressure on the Asian manufacturers and should lift US wages.

It is a good deal all around and continues to illustrate Trump's positive impact on American economic activity.
In case you don't know what they are talking about yssup it's called winning Trump 2020
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Old 08-28-2018, 08:16 AM   #5
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.... it's called winning Trump 2020
It's also called paying for the wall.
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Old 08-28-2018, 08:18 AM   #6
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We’ll see about that.
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Old 08-28-2018, 02:23 PM   #7
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It's also called paying for the wall.
Exactly - he is too smart for the opposition.
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Old 08-28-2018, 03:58 PM   #8
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Quote:
Originally Posted by Jackie S View Post
One key sentence in the link is the requirement that all auto manufacturing jobs be held by workers making at least $16 an hour.

This is great for solving the illegal immigration problem in the US. President Trump believes that making Mexico better is the real solution.
it is. how can a nation of Mexico's size, 14th largest, have a GDP that tiny little South Korea rivals? they don't have anywhere near the resources overall that Mexico has.

the answer? a classic case of capitalist free markets vs. nationalized resources under socialist control. a real life David Vs. Goliath and David the capitalist wins! but capitalism always wins! ahahahaa

the Mexican government has known for a long time that the labor drain caused by millions of illegals working elsewhere will stifle long term GDP growth in Mexico. they simply won't have enough workers in the work force for growth.
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Old 08-28-2018, 10:53 PM   #9
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Lets see what this actually does, before i sing its praises.
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Old 08-29-2018, 05:59 AM   #10
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Lets see what this actually does, before i sing its praises.
Well said.
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Old 08-29-2018, 06:40 AM   #11
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Lets see what this actually does, before i sing its praises.
You may not "see it" in the sense of specifically identifying the impact, since you don't live along the Southern border. For that matter neither will the Austin area, which is "insulated" by tax dollars and West Texas oil reserves.

It will also not affect the "illegal" activities, including sneaking into this country, that have plagued our relationship.

The Wall. ICE and enhanced detection technologies along the border.
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Old 08-29-2018, 08:31 AM   #12
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Does this mean there’ll be authentic taco bowls in trump Tower?

Again, as with everything Trump does, the devil is in the details.

On the surface it’s an attempt to isolate Canada.

We’ll see exactly what weevils come running out of the cotton when we see what this thing really is about.
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Old 08-29-2018, 10:50 AM   #13
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On the surface it’s an attempt to isolate Canada.
Canada has been "isolated" for years. Particularly during the rise of the Gaulist/Separatists who beat the drum to set themselves apart geographically as they had done with their FrenchNoses in the air for years. They are still at it, but behind the scenes so far. They have the same affliction as East and West Coasters, who have managed to plague the Austin Metro area for years.

Canada (and Mexico) for that matter have been under the protection umbrella of the USA and consequently avoided much of the infrastructure and defense spending necessary for the USA to guard its borders and dispatch personnel and materiel into our neighbors to thwart any invasion. Air cover has never been an issue!

Of course Mexico has a history of working "both sides" for their benefit and economic interests. IMO the only good thing Carter did was shit can the Pemex-Texaco deal. Now Trump has shit can the bad trade agreement (wasn't that Clinton's doing?) and is trying to "even things up a bit." Making jobs in the U.S.

They don't have "open borders" to the South, but whine and blubber about Trump wanting to keep out the folks they don't want any more. The Mexicans have been "importing" labor from Central America (which is better than those folks they can keep from fleeing to the U.S.).
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Old 08-29-2018, 11:08 AM   #14
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China just got fucked. But they were fucked as soon as Trump was elected. They don’t have any of his emails.
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Old 08-29-2018, 11:12 AM   #15
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China just got fucked. But they were fucked as soon as Trump was elected. They don’t have any of his emails.
The Chinese have been "exporting" to Mexico for years ... decades.
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