Ending NAFTA could cost U.S. 50000 auto parts jobs

Trump: Trade deal possible with Canada, minus Mexico

Trump: Trade deal possible with Canada, minus Mexico

Trump, who has long criticised the agreement and almost withdrew from the pact earlier this year before instead pursuing renegotiation, said, "It's possible we won't be able to make a deal and it's possible that we will".

"While NAFTA modernization is important, we urge caution in considering the jobs that might be lost and the prices American consumers may incur as the result of changes to key aspects of the agreement", said AIADA President Cody Lusk in a statement.

Trump has put both Mexico and Canada on the defensive over trade, accusing the former of taking American jobs and the latter of unfair subsidies, and wants to either overhaul or "terminate" NAFTA.

"With an agreement, in 10 years I see a strong region that can face Asia or China, without an agreement I see a weaker region in the medium and long term". Levy said. "Or are they going to take this as a pretext and say: 'We tried negotiations; they failed".

Trudeau later said he was optimistic that an agreement would be reached. The National Automobile Dealers Association said it was concerned about any changes that would make cars costlier. The US president has made revamping the trade pact with its neighbors and reducing the country's trade deficit a pillar of his nationalist economic agenda.

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The two leaders met as negotiators from the U.S., Canada and Mexico were convening in a Washington suburb for the fourth round of talks on reworking the North American Free Trade Agreement. Reuters-London reports Britain could join a formal trade alliance with the United States, Canada and Mexico if the European Union refuses to finalize a post-Brexit trade deal by 2019. Those include United States demands to adjust the rules of origin, which would increase the percentage of the content of vehicle parts and other materials that would come from NAFTA countries in order for a good to qualify as duty free - a specific concern for the North American auto industry.

U.S. Chamber of Commerce CEO Thomas Donohue, speaking in Mexico City on Tuesday, said the rules of origin proposal would send more business overseas.

The United States is pushing for automobiles to include more US -made parts as well as more content from Canada and Mexico overall.

The proposals call for North American content, overall, to rise to 85 percent from the current 62.5 percent. Under the U.S. proposal, America would require more to be made in the country and less sourced from other members of the block.

The rules of origin demands are among several conditions that the U.S. Chamber of Commerce has labelled "poison pill proposals" that threaten to torpedo the talks. "Any trade proposal that makes multinational corporations nervous is a good sign that it's moving in the right direction for workers". After Donohue made his comments supporting the Nafta, Emily Davis, spokeswoman for the Office of the US Trade Representative, reiterated the administration's position. "We have always understood that draining the swamp would be controversial in Washington".

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