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
Fed Beige Book: Economy improves, but manufacturing weak
While general economic conditions across the US improved slightly over the last six weeks, activity in the manufacturing sector was weak, according to the Fed’s latest Beige Book report.
SMU Community Chat: Simonson with the latest on construction
A lot of economists were predicting a recession last year. Ken Simonson, chief economist for The Associated General Contractors of America (AGC), wasn’t one of them.
Housing starts slip to seven-month low in March
Following a strong February, US housing starts eased through March to a seven-month low, according to the most recent data from the US Census Bureau.
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in April, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York
Worldsteel projects steel demand to grow 1.7% this year
Global steel demand will reach roughly 1.793 million metric tons (1.976 million short tons) this year, an increase of 1.7% over 2023, the World Steel Association (worldsteel) said in its updated Short Range Outlook report. The gain will come after a 0.5% contraction in steel demand in 2023. Demand is forecasted to increase another 1.2% […]