Published: Fri, February 03, 2017
World | By Tasha Manning

Trump on NAFTA: "Have to make it fair"

"At the end of these 90 days, the negotiation to update our free trade agreement will have to start", President Enrique Pena Nieto said in Mexico City at the presentation of a plan aimed at cutting red tape for Mexican business. Under previous administrations, the US trade representative led trade negotiations, but Washington trade lawyer Robert Lighthizer, Trump's pick for that post, hasn't been confirmed yet. Any changes to trade policy that are detrimental to Mexico will likely lead to retaliation. US tariff levels for Mexico would revert to those dictated by most-favored-nation status at the World Trade Organization - assuming Trump doesn't pull out of that as well.

The EU is Mexico's third-largest trading partner, after the United States and China.

Much of that imbalance has been in manufacturing, however.

"I am convinced that the USA never had a better ally than a united Europe". He claimed the US has a $60 billion trade deficit with its southern neighbor.

But China could find those soybeans elsewhere, Glauber said.

"Now, we will accelerate the pace of these talks in order to reap the benefits sooner", Malmstrom and Guajardo said.

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However, the firm's revenues missed forecasts, declining 9pc to just over $17bn, as a series of asset sales took their toll. Goldman has also been trying to cut costs, having launched a program past year to slash $700 million from annual expenses.

The EU and Mexico have a free trade pact dating from 2000 that they began to update past year, holding talks in June and November.

Mexico's government said the reports were wrong.

But Trump's rhetoric has largely focused on America's neighbor to the south. He had hoped that his commerce secretary nominee Wilbur Ross would be able to represent the talks with our NAFTA partners, but expressed frustration that Congress has failed to hold a vote on his confirmation.

Producers and shippers are attempting to move as much as they can as fast as they can in the shadow of new tariffs and the NAFTA renegotiations that President Trump has threatened our southern neighbor with.

"That sounds like protectionism to me", Gordon Stoner, president of the National Association of Wheat Growers, told Bloomberg BNA.

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