Economy

Lighthizer Announces NAFTA Negotiations
Written by Sandy Williams
May 18, 2017
The Trump administration plans to start renegotiation of the North American Free Trade Agreement in mid-August, said US Trade Representative Robert Lighthizer in a letter to Congress today.
Lighthizer said he has triggered the 90-day consultation period with Congress, industries and the public.
“As a starting point for negotiations, we should build on what has worked in NAFTA and change and improve what has not,” Lighthizer said in a conference call with reporters. “If renegotiations result in a fairer deal for American workers there is value in making the transition to a modernized NAFTA as seamless as possible.”
US Secretary of Commerce Wilbur Ross said in a statement on Thursday, “With this letter, we intend to notify not just Congress, but all our trading partners, that free and fair trade is the new standard for U.S. trade deals. Since the signing of NAFTA, we have seen our manufacturing industry decimated, factories shuttered, and countless workers left jobless. President Trump is going to change that. I look forward working with the President, Ambassador Lighthizer, and our counterparts from Mexico and Canada, to find a solution that is both fair and beneficial for all parties.”
The letter did not provide details of negotiations but instead focused on the need to modernize NAFTA and ensure enforcement of commitments made under the agreement.
After previously calling NAFTA a disaster, President Trump reversed his intention to pull out of the agreement in favor of negotiating a better deal for the U.S.
“We are going to give renegotiation a good strong shot,” said Lighthizer.

Sandy Williams
Read more from Sandy WilliamsLatest in Economy

Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.

ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.