Trump's Comments Could End Wall Street Rally

Ashley Carr
August 25, 2017

"With our leadership in all three countries recognizing that agriculture is important, we the farm leaders of all three countries must insist that the voices of farmers and ranchers must be heard as these renegotiations proceed", Bonnett said.

Trump's argument was a familiar one, that the United States has been "so badly taken advantage of" by "one of the worst deals" that "we'll end up probably terminating NAFTA at some point". "Ultimately, I think that we will eventually cancel the NAFTA agreement". "I personally don't think you can make a deal without a termination but we're going to see what happens", he added. "You're in good hands, I can tell you".

But if, as he suspects, the objective is to make procurement non-negotiable, Ujczo said Canada and Mexico will have to decide whether that's sufficient reason to walk away from the NAFTA talks.

Its foreign minister, Luis Videgaray, said Wednesday that talks are continuing and if Trump really wanted to break up Nafta he would have done so already.

Mexico's foreign minister also shrugged off the Trump tirade as par for the course, initially tweeting that Mexico would remain at the table, calm and firm in Mexico's national interest.

Senior government officials, however, say the threat has come sooner in the process than they expected. It's his main source of power to force the other countries to reach an agreement.

Cruz and Lt. Gov. Dan Patrick, who was one of Trump's biggest supporters in Texas during the presidential campaign, did not respond to requests for comment.

The Honourary Chairperson of the Council, Maude Barlow, recently said in a press release, "If (Canada's) government is truly concerned about the environment, labour and public protection, it should look at the glaring problem: Chapter 11, which has made Canada vulnerable to billions of dollars of corporate lawsuits over our environmental and public policy decisions".

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"NAFTA has been good for the USA, good for the American worker and good for our country's economy", said Ann Wilson, senior vice president of government affairs for the Motor & Equipment Manufacturers Association. And if he does play it, it won't be as strong as it would've been...

In April Premier Sandy Silver promised to brief both opposition leaders on topics related to NAFTA.

It was not the first time Trump has threatened to scrap NAFTA.

An global economic law professor and former State Department lawyer said he believes it would ultimately end up in court.

"NAFTA has been incredibly successful for our industry", said Jennifer Myers, a spokeswoman for the National Corn Growers Association.

He added that Trump's proposed wall along the southern US border with Mexico was not part of the bilateral agenda between the two countries.

The threats highlight the added dimension, however, of renegotiating a trade agreement with a disillusioned partner: you might end up having to decide on a deal that disproportionately favours your counterpart or even leaves you worse off.

Other reports by My Hot News

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