(Andrew Mayeda, Eric Martin & Theophilos Argitis – Bloomberg)
President Donald Trump isn’t looking for a “mere tweaking” of the North American Free Trade Agreement, and will be seeking a major overhaul to a deal he believes has failed Americans, Trump’s top trade official said as talks began with Mexico and Canada to revamp the accord.
“He is not interested in a mere tweaking of a few provisions and an updating of a couple chapters,” U.S. Trade Representative Robert Lighthizer said Wednesday in Washington. “We feel that NAFTA has fundamentally failed many Americans and needs major improvements.”
NAFTA has cost the U.S. at least 700,000 jobs since the deal came into effect in 1994, Lighthizer said. The U.S. will seek improvements in a number of areas, including tighter rules-of-origin that dictate local-content requirements, stronger labor standards and guards against currency manipulation. Click here to read more.