(Eric Martin & Josh Wingrove – Bloomberg)
President Donald Trump has set the terms for revamping the North American Free Trade Agreement: Cut the U.S. trade deficit or he’ll walk away. That could entail convincing Mexico and Canada to commit to buy more American products.
The White House will have its work cut out for it, but leading the charge is an aggressive group of trade players who aren’t used to taking no for an answer. Billionaire Commerce Secretary Wilbur Ross built his fortune investing in distressed companies, while U.S. Trade Representative Robert Lighthizer served as a negotiator in the Reagan administration during its trade battles against Japan in the 1980s.
Mexico and Canada are bringing out their A-game too, with trade teams that can boast recent successes. Canada just sealed an accord with the European Union, while Mexico has reached 11 such agreements with 44 countries since Nafta took effect more than two decades ago. Will they replicate those wins with an updated Nafta pact? Only time will tell. Click here to read more.