U.S. is running out of time on NAFTA
President Donald Trump’s team is running out of time to rewrite a trade pact with Canada and Mexico this year just as it’s confronting China and sparring with its allies over U.S. tariffs on imported steel and aluminum.
If negotiators can’t agree on a revamped the North American Free Trade Agreement soon — House Speaker Paul Ryan set an informal Thursday deadline — the talks could drag into 2019. Or Trump could carry out his threat to abandon the agreement he’s labeled a job-killing “disaster” and throw commerce among the three NAFTA countries into disarray.
“The window is closing rapidly,” said Dan Ujczo, a trade lawyer at Dickinson Wright in Columbus, Ohio.
NAFTA is hardly the only urgent item on the administration’s trade agenda. Trump was expected to meet Thursday with China’s Vice Premier Liu He to try to avert a trade war. Liu will also meet with a U.S. team led by Treasury Secretary Steven Mnuchin.