The U.S. and Mexico made a trade deal on August 27, which is set to replace NAFTA.
President Donald Trump said the deal would be called The United States-Mexico Trade Agreement. Trump added, “The name NAFTA has a bad connotation because the United States was hurt very badly by NAFTA.”
The new deal will last 16 years and will be reviewed every six years, according to U.S. Trade Representative Robert Lighthizer. The deal must also be approved by Congress.
This preliminary trade deal between the United States and Mexico will not affect the existing Section 232 tariffs on steel and aluminum imports, Mexico’s Secretary of Economy Ildefonso Guajardo said.
Since June of this year, Mexican steel exports into the US have been subjected to a 25% duty, and aluminum shipments incurred a 10% tariff.
“Mexican steel association CANACERO recently said that the country was discussing with the US government the possibility of quotas replacing the steel tariff”, stated the AMM.
“We are open to the possibility of increasing dialogue and searching for another solution when the signing of this deal gets closer,” Guajardo said at a press conference on Monday August 27.
Canada has remained on the sidelines of the negotiations, while the U.S. aimed at first making a deal with Mexico.
The AMM reports Chrystia Freeland, Canada’s foreign minister said, “Once the bilateral issues get resolved, Canada will be joining the talks to work on both bilateral issues and our trilateral issues.”
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