us industry gears up to save nafta
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

world's largest economy for 23 years

US industry gears up to save NAFTA

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleUS industry gears up to save NAFTA

The effort has taken on added significance now that negotiators from Canada
Washington - Muslimchronicle

With televised ads proclaiming "NAFTA works for America" and study after study enumerating the dangers of withdrawing from the treaty, the US Chamber of Commerce and like-minded trade proponents have taken their message to Capitol Hill.

The effort has taken on added significance now that negotiators from Canada, the United States and Mexico working to overhaul the treaty are conducting their fifth round of talks in Mexico City.

"We -- along with several other business, agriculture, and industry groups -- made the case on the Hill in recent weeks. On October 24, the group talked about NAFTA with all 100 Senate offices," a spokeswoman for the US Chamber of Commerce told AFP.

Their message: exiting NAFTA would be a grave mistake that could, among many other painful outcomes, devastate American agriculture, including wheat producers, according to the chamber.

According to Monica De Bolle, senior fellow at the Peterson Institute for International Economics, an outright US withdrawal remains "a very, very clear possibility."

The last round of talks in October saw radical propositions from the US side, including a "sunset" clause -- which would require the three sides to renew the treaty in five years, failing which it would expire -- and a call to scrap the trade dispute arbitration mechanisms in Chapter 19 of the agreement.

Both proposals are anathema to investors, and were immediately rejected by Mexico and Canada.

They were also a wakeup call to lawmakers and businesses who until then had not taken President Donald Trump's threats seriously, said Edward Alden of the Council on Foreign Relations.

"To be fair, this president is hard to predict," he told AFP. "We've never had a president like him before, so it is hard to make a good judgment on what constitutes a laugh and what constitutes a serious threat."
Trump has denounced NAFTA as a "disaster" and the worst agreement ever signed by the United States, blaming it for a $64 billion trade gap with Mexico and loss of countless jobs.

According to de Bolle, different trade bodies and organizations are working to convince the Trump administration "to move away from this very hard rhetoric that we saw in the fourth round."

As a result, she said, the top officials from the three countries are staying away from the latest round of talks to avoid more verbal escalation.

"It preserves the possibility to have a sixth round in 2018," said de Bolle.

Alden of the Council on Foreign Relations said the business world was now committed to the task, "and they have money and influence."

With US mid-term elections a year away, Trump needs to show results.

And one fear, according to de Bolle, is that he could make good on a campaign pledge to scrap NAFTA altogether if high-stakes Republican efforts to overhaul the tax code fail in the Senate.

According to an opinion poll published this month, 56 percent of Americans believe NAFTA has benefited the United States. Only among Republican voters do a majority believe the contrary.

Beth Ann Bovino, chief US economist at S&P Global Ratings, said many people were unaware of how trade had grown since NAFTA took effect in 1994.

"It has tripled since NAFTA was initiated," she told AFP.

She said the agreement had strengthened competitiveness among manufacturers by forcing businesses to innovate, "which has increased employment and investment opportunity in the end."

Exiting the treaty would drive up prices, slowing consumer spending -- a mainstay of the US economy -- and depressing corporate revenues as a result, Bovino added.

Citing an ImpactECON study, she said job losses for unskilled workers could rise as high as 250,000 positions in the three to five years following a withdrawal.

Adding skilled labor would see job losses rise by another million positions.

Source:AFP

 

themuslimchronicle
themuslimchronicle

GMT 07:27 2018 Sunday ,14 January

Glimmers of hope in Iran economy

GMT 08:26 2017 Friday ,29 December

US, South Korea to hold trade talks

GMT 08:23 2017 Saturday ,02 December

Trump administration rejects China's bid

GMT 08:14 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 08:49 2017 Sunday ,05 November

Trump urges Saudis to list Aramco
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us industry gears up to save nafta us industry gears up to save nafta

 



Themuslimchronicle, themuslimchronicle

GMT 06:29 2018 Sunday ,21 January

500 new trainees join US-backed Syria border force

GMT 10:31 2017 Sunday ,20 August

the history of solar eclipses

GMT 16:36 2017 Tuesday ,05 December

Gulf Air launches Bahrain Tourist Visa Service

GMT 03:19 2012 Saturday ,15 September

FREEDOM

GMT 06:56 2014 Friday ,12 September

No winners in Gaza

GMT 22:30 2012 Monday ,16 July

Sudan ruling party says protests \'ridiculous\'

GMT 07:09 2012 Wednesday ,20 June

Sudan and South Sudan border tensions

GMT 12:02 2012 Tuesday ,17 April

What the Living Do

GMT 17:33 2017 Saturday ,25 March

Caceres recalled to Paraguay squad for Brazil clash

GMT 17:18 2017 Tuesday ,19 December

Bahrain weather forecast

GMT 09:35 2017 Sunday ,29 October

Actress Annabella Sciorra accuses Weinstein of rape

GMT 13:43 2017 Thursday ,16 November

People Magazine names Blake Shelton 'sexiest man alive'

GMT 18:10 2017 Monday ,17 April

GCC Secretary-General Condemns Syria Blast

GMT 13:15 2017 Wednesday ,15 February

Inherited the talent to draw on glass

GMT 14:35 2017 Saturday ,25 March

Dar Essalam to Host Two Golf Competitions

GMT 07:22 2016 Saturday ,09 July

Gunfire near presidential palace in South Sudan

GMT 10:42 2017 Wednesday ,16 August

Chinese teen Internet addict dies

GMT 13:51 2017 Thursday ,21 September

King Salman meets with former Turkish president

GMT 09:31 2017 Wednesday ,29 March

NPRA holds training course

GMT 08:18 2017 Thursday ,14 December

Twitter makes 'tweetstorms' easier

GMT 17:19 2012 Thursday ,12 January

New electric-car racing championships
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle