US looking for ‘good deal’ on NAFTA

WASHINGTON: The United States cares more about getting a good agreement than quickly concluding the renegotiation of the North American Free Trade Agreement, the US Treasury secretary said.

An informal deadline came and went this week for reaching an agreement in time for the Republican-controlled Congress to approve it before the November 6 midterm elections.

House Speaker Paul Ryan said Friday there was still “wiggle room” in the legislative calendar, giving negotiators a couple more weeks.

US Treasury Secretary Steve Mnuchin, however, acknowledged that the sides, though working hard to get a deal, are still “far apart.”

“The president is more determined to have a good deal than he is worried about any deadline,” Mnuchin said on ‘Fox News Sunday.’

“Whether we pass it in this Congress or pass it in a new Congress, the president is determined that we negotiate NAFTA,” he added.

Trump has repeatedly threatened to pull out of the trade agreement if a satisfactory deal cannot be reached.

He blames NAFTA, which has moulded trade between the United States, Mexico and Canada since 1994, for the loss of millions of US jobs and dislocations in the auto and other industries.

Despite the lack of a breakthrough, Mnuchin said the administration was focused on getting an agreement.