Britain Could Join NAFTA If Brexit Deal Fails

USA Trump und Trudeau im Wei├čen Haus | NAFTA
UK eyes joining NAFTA if post-Brexit EU trade deal falls through: report

13 October, 2017

Despite rhetoric that the United States might pull out of the North American Free Trade Agreement, there will be substantial pressure from American businesses to forge a deal to remain, says NAFTA expert and Vanderbilt University professor Timothy Meyer.

While speaking with members of the press, Trump said that "We may or may not be able to make that deal" when asked about the possibility of coming to an agreement with both Mexico and Canada.

Trudeau joined Trump in the Oval Office at the start of a new round of talks over the North American Free Trade Agreement, which the US president has threatened to withdraw from if he can't negotiate a better agreement with Canada and Mexico.

Oil prices have suffered from data released late Wednesday by the American Petroleum Institute (API) showing a surprise build in U.S. crude inventories and gained little from a report by the International Energy Agency, released Thursday, suggesting the global oil market will be in balance next year despite rising output.

"There are several poison pill proposals still on the table that could doom the entire deal".

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The event's organizers declined to say who else attended. "Among conditions demanded by the US are a significant increase in regional content - particularly USA content - in the region's exports, a uniform upper limit for government purchases, some restrictions to agriculture products coming to the US from Mexico and Canada, and the elimination of the chapter on resolution of controversies".

It's fair to say that 2017 has been a turbulent year for Mexico, given that the new White House occupant keeps making public comments threatening North American trade relations. Mexico accuses Trump of spoiling for a "protectionist war" with proposals aimed at balancing trade.

While better than a bad deal, Vogel said the failure of NAFTA would be a "lose-lose" situation, and that U.S. -Mexico trade without it could lead to a U.S. trade deficit larger than the current $64 billion. "I think it's just a bridge too far", said Wendy Cutler, the Asia Society's Washington policy director and former chief USA negotiator for the Trans-Pacific Partnership trade deal canceled by Trump. U.S. Commerce Secretary Wilbur Ross said on Wednesday he expected an agreement would be reached on that issue.

On Friday, he will give a speech to the Mexican senate, whose approval is needed to ratify any renegotiated version of NAFTA.

He cited in particular a provision to allow the agreement to expire in five years unless all parties agreed to extend it. "Starting to play with a non-market economy would be awful for us". "I'm of the view that over the long term, because trade has been so beneficial for everyone, that we will get through periods of question".

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