Published: Fri, October 13, 2017
Global | By Shelia Dennis

Florida business groups to Trump: Back off plans to kill NAFTA

Florida business groups to Trump: Back off plans to kill NAFTA

During talks at the White House Wednesday, President Trump suggested the possibility of replacing NAFTA with a new U.S.

Trudeau's visit to Mexico is his first official sojourn to the country and follows Pena Nieto's visit to Canada in June 2016. But speaking to media after the talks, the Prime Minister said he is open to a new two country accord if that is what it takes to save free trade between the USA and Canada. -Canada border each day.

"If every marriage had a five-year sunset clause on it, I think our divorce rate would be a heck of a lot higher", Canada's ambassador to Washington David MacNaughton said last month. "The Canadian dollar would go down significantly, shares of any exporting company to the USA would see their share prices drop significantly".

"Other automotive powerhouses in the developed world such as Germany and Japan also have complex and integrated supply chains similar to the U.S., with access to low cost production", the group said.

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The question is more complicated than whether or not to terminate, Barutciski explained, but part of the problem in predicting the immediate consequences of killing NAFTA is the lack of precedent. It's time after all of these years and we'll see what happens.

Brexit provides the closest historical comparison, according to Philip Cross, a former chief economic analyst for Statistics Canada and now a senior fellow at the Macdonald-Laurier Institute.

Raising the automotive content thresholds and forcing automakers to verify the North American origin of more electronics and other parts now sourced from Asia would cause some parts manufacturers to forego NAFTA benefits, said Ann Wilson, the association's head of government affairs. "That slows growth in the longer run, which is sort of the reaction we saw during Brexit". Essentially, millions of Americans stand to lose their job if NAFTA is ended.

"We are all much worse off with a bad agreement than with no (NAFTA)", said Guillermo Vogel, who co-chaired the Mexico City event and is a vice president at Tenaris, a steel company. "There would be great disappointment from the business community with the government of Canada".

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Prime Minister Trudeau also met with United States President Donald J. Trump.

"Costs due to a 35 percent tariff could decrease supplier content from 65 to 61.5 percent, potentially impacting supplier volume and thus manufacturing jobs", the group said.

"As we prepare to leave the European Union, we will seek to transition all existing European Union trade arrangements to ensure that the United Kingdom maintains the greatest amount of certainty, continuity and stability in our trade and investment relationships", a spokesman for the Department for International Trade said. "We have a tough negotiation and it's something you will know in the not too distant future because we are going to be discussing NAFTA and we will be discussing defense".

Direct implications for Asian economies remained uncertain and would not be immediate.

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