Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, October 18, 2017 11:21:00 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

US, Mexican business warn NAFTA at risk

By
12th-Oct-2017       
Comments
Share your thought
Post a comment »
Read all () »

AFP, Mexico City :
US and Mexican business leaders warned Tuesday that talks on a new North American Free Trade Agreement (NAFTA) could collapse because of hardline demands from US President Donald Trump's administration.
"There are several poison pill proposals still on the table that could doom the entire deal," said Thomas Donohue, president of the US Chamber of Commerce, the largest business organization in the United States.
"We've reached a critical moment. And the Chamber has had no choice but ring the alarm bells," he said in a speech in Mexico City, a day before a crucial fourth round of talks on updating the 1994 deal opens in Washington.
Trump ordered a renegotiation of NAFTA and threatened to pull out of the pact if the United States did not get a better deal in talks between the US, Mexico and Canada that began in August to revamp it.
Trump accuses NAFTA of shipping jobs south of the US border and calls it the worst trade deal ever signed.
Donohue said potentially toxic US proposals include tightening the "rules of origin" to demand certain amounts of American-made content in products, scrapping NAFTA's dispute resolution mechanism and a "sunset clause" requiring the deal to be unanimously renewed every five years.
He blasted Trump for his "undue emphasis" on reducing the United States' $64 billion trade deficit with Mexico.
"The business community, along with any economist worth his or her salt, has repeatedly explained that the trade balance is... the wrong focus, and is impossible to achieve without crippling the economy," he said.
His warnings echoed those of Mexican business leaders.
Mexico's influential Business Coordinating Council has urged the government not to be afraid to walk out on the talks, despite the fact that NAFTA is a cornerstone of the Mexican economy, which sends about 80 percent of its exports to the United States.
"The possibility exists that we could leave the negotiating table because our partners are asking for things that Mexico can't deliver," its president, Juan Pablo Castanon, said earlier this month.
Mexico's cattle industry, which exports nearly $9 billion worth of product a year to the United States, took a similar stand Tuesday.
"We support our government's decision not to back down in the face of irrational demands," said Salvador Alvarez of the National Confederation of Livestock Organizations.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Slow down in poverty reduction needs special attention


POVERTY reduction rate in the country is slowing down as calculated from data that to be revealed by Bangladesh Bureau of Statistics (BBS) in few days as per report in a national daily. The yearly average poverty reduction rate was estimated at 1.7 percent from 2005 and 2010 and it ...

International »

US official not ruling out eventual direct talks with N Korea


Reuters, Tokyo :The United States is not ruling out the eventual possibility of direct talks with North Korea, Deputy Secretary of State John J. Sullivan said on Tuesday, hours after Pyongyang warned nuclear war might break out at any moment.Talks between the adversaries have long been urged by China in ...

International »

US 'not taking sides' between Iraqi forces, Kurds: Trump


Washington is "not taking sides" following clashes between Iraqi forces and the country's Kurds, US President Donald Trump said Monday, as tensions escalate following the autonomous Kurdish region's independence referendum.Speaking after Iraqi troops and tanks swept across the northern province capturing oil and military targets from the Kurds and seizing ...

Entertainment »

Deepika the new age Dream Girl: Hema Malini


Deepika Padukone recently made time to launch the biography that was being launched on Hema Malini at a suburban hotel. Hema Malini’s birthday was a big affair for the yesteryear actress as well as her fans, as it saw the unveiling of her biography. The Dream Girl of the golden ...

Entertainment »

Gauri Khan plays a hostto Aamir Khan at Gauri Khan Designs


Aamir Khan recently visited close friend Shah Rukh Khan’s wife Gauri Khan’s store in the suburbs of Mumbai. The actor took out time from the promotions of his upcoming film Secret Superstar to visit the newly opened artistic store which provides imaginative and creative designs and decor. Gauri Khan has ...

City »

Newly appointed European Union Envoy to Dhaka Mrs. Rensje Teerink presents credentials to President Abdul Hamid at Bangabhaban on Tuesday.


Editorial »

Rohingya crisis posing big threat to national economy


BANGLADESH economy is facing real challenge as the Rohingya crisis is deepening with the exodus of the homeless in thousands daily to demand more allocation of budgetary resources to give them shelter. It is causing destruction to local infrastructure, bringing enormous pressure on education and health care services and pushing ...

Sports »

Players of Toronto FC celebrate with the Supporters` Shield following their win over the Montreal Impact in MLS soccer game action in Toronto on Sunday.


Entertainment »

Vaani Kapoor scorching the screen with her hot moves


It was not long time back when Vaani Kapoor sizzled the screen with her sexy moves in Nashe Si Chad Gayi from Befikre. The song was a massive hit and it created lots of buzz because of the sizzling chemistry between Vaani and Ranveer Singh. Now Vaani is back with ...

City »

Neuro Spinal Society of Bangladesh brought out a mass awareness rally in the city on Monday marking World Spine Day.


International »

Iraqi forces seize territory from Kurds in independence dispute


AFP :Iraqi forces seized a key military base, an airport and an oil field from Kurdish fighters Monday in disputed Kirkuk province in a major operation sparked by a controversial independence referendum.The offensive, which follows weeks of soaring tensions between two US allies in the battle against the Islamic State ...

Editorial »

Ctg Port needs urgent expansion


THE number of containers handled at Chittagong Port is growing by 15-22 percent every year, but the Port is running its operations with the same quantity of jetties and yards it had 10 years back. Even worse, the New Mooring Container Terminals (NCTs) built in 2007 cannot run in full ...

Entertainment »

Aishwarya Rai was `100pc protected` from Harvey Weinstein, says Hollywood executive


A Hollywood executive who represented Bollywood star Aishwarya Rai Bachchan internationally in the 2000s has alleged that Harvey Weinstein, the movie mogul battling scores of sexual assault allegations, had once asked her after a meeting, “What do I have to do to get her alone?”“Kiss my black a**,” is what ...

City »

BFUJ President Manjurul Ahsan Bulbul, among others, at a roundtable on 'Role of Mass Media in Protecting Communal Harmony: Perspective Rohingya Crises ' organised by Buddhist Journal and Online Media Forum at the Jatiya Press Club on Sunday.


.

International »

California `horror` fires burn on, 40 dead in one week


Reuters, Santa Rosa  :Authorities hope weaker winds will help more than 10,000 firefighters battle the deadliest blazes in California history, which have killed at least 40 people and destroyed thousands of structures in one of the state's worst natural disasters in years.Fast-moving fires spread by shifting winds forced thousands more ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news