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\n Despite the handshake, Canada’s Prime Minister Justin Trudeau and U.S. President Donald Trump were not ready to announce progress on revising or replacing NAFTA, the North American Free Trade Agreement.<\/p>\n
\u00a0(Reuters)<\/p>\n
Few clues emerged from President Donald Trump\u2019s meeting with Canadian Prime Minister Justin Trudeau on Wednesday about the uncertain future of the North American Free Trade Agreement (NAFTA).<\/p>\n
“We’re negotiating a NAFTA deal. It’s time after all of these years and we’ll see what happens. It’s possible we won’t be able to make a deal and it’s possible that we will,” Trump said.<\/p>\n
Negotiations have struggled to gain momentum as the U.S. Chamber of Commerce cautioned that the Trump administration\u2019s impractical requests could harm the talks.<\/p>\n
But despite the U.S. threatening to withdraw from the agreement that\u2019s been in effect since 1994, Trudeau remained optimistic that the U.S., Canada and Mexico can reach a “win-win-win” solution. Still, he said Canada would be “ready for anything.”<\/p>\n
The fourth round of NAFTA negotiations began Wednesday in Arlington, Va., and will continue through Tuesday.<\/p>\n
NAFTA eliminated trade barriers between the U.S., Canada and Mexico to generate trade growth. But critics argue it also led to the downfall of U.S. manufacturing as companies moved across the southern border to take advantage of cheaper labor.<\/p>\n
In order for the tri-lateral trade agreement to remain past its 23rd year, Trump has requested an increase in U.S auto production, more American companies securing government contracts in the NAFTA bloc, and for the agreement to be abolished altogether unless countries agree every few years to extend it. In addition, the administration is seeking eliminating dispute resolution processes.<\/p>\n
Agriculture Secretary Sonny Perdue detailed some of the main issues with NAFTA, specifically where Canada is reaping more of the benefits than the U.S.<\/p>\n
\u201cThe irritants that we have are primarily with Canada over their dairy management supply program. They are overproducing, creating depressing world prices for milk solids,\u201d Perdue told FOX Business\u2019 Trish Regan on The Intelligence Report<\/i><\/a>. \u201cThere is also a wine issue in British Columbia where they are not letting our wines out front where their customers can choose.\u201d<\/p>\n Perdue added that there are also issues with poultry access.<\/p>\n U.S. Chamber of Commerce President Thomas Donohue called Trump\u2019s proposals \u201cpoison pills\u201d for Canada and Mexico, which could result in the death of the agreement, Reuters reported.<\/p>\n Donohue co-chaired the U.S.-Mexico CEO conference Wednesday alongside Fedex Freight’s CEO Michael Ducker. Guillermo Vogel, a steel company executive, co-chaired the event in Mexico, which included closed-door talks regarding NAFTA with Foreign Minister Luis Videgaray and Economy Minister Idelfonso Guajardo, who are responsible for Mexico\u2019s involvement in the negotiations, Reuters reported.<\/p>\n Vogel emphasized the importance of negotiating a good deal, and told Reuters a \u201cbad agreement\u201d would be far worse than \u201cwith no NAFTA,\u201d but recognized the end of the pact would be a \u201close-lose\u201d situation.<\/p>\n Farm groups and agricultural lobbies have urged the Trump administration to keep NAFTA, because if the U.S. were to leave the agreement, the agricultural industry would be slapped with potentially steep tariffs from Canada and Mexico.<\/p>\n If negotiations fail to reach a solution, Trump alluded to the possibility of having separate deals with Canada and Mexico.<\/p>\n \u201cIt’s possible we won’t be able to reach a deal with one or the other. But in the meantime, we’ll make a deal with one,” the president said.<\/p>\n