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Trump says U.S. will 'probably' end up terminating NAFTA

Trump says U.S. will 'probably' end up terminating NAFTA”

US President Donald Trump warned on Tuesday he might terminate the Nafta trade treaty with Mexico and Canada after three-way talks failed to bridge deep differences.

They did not offer details on the five-day talks.

"Personally, I don't think we can make a deal", the President told thousands of supporters at the Phoenix Convention Center.

He said he'll "probably" end up terminating NAFTA "at some point".

Suggesting a termination might help jumpstart the negotiations, Mr Trump said: "I personally don't think you can make a deal without a termination".

Regardless, he assured the crowd, "you're in good hands".

The three nations started formal negotiations to tweak the trade agreement this month.

The current regional content required for vehicles and auto parts within NAFTA is 62.5 percent, making it the most strict sector in the free-trade agreement. It went into effect in 1994. Detailed conceptual presentations were made by the United States, Mexico and Canada across the scope of the agreement, and negotiating groups began work to advance text and agreed to provide additional text, comments or alternate proposals during the next two weeks.

As the first round of NAFTA renegotiation closed on Sunday in Washington D.C., U.S. Trade Representative Robert Lighthizer has said his government is seeking to increase the percentage of local products mandated by NAFTA rules of origin, in order to reduce its trade deficit with Mexico.

Mexican and Canadian officials have cast NAFTA as a success that needs only moderate revisions to keep up with changing economies.



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