Toyota executive: United States seeks 'impossible' changes to NAFTA for Mexico, Canada

Spotlight: NAFTA parties to extend trade talks into Q1 2018 with

In a recent note to clients, Edward Glossop, Latin America economist at Capital Economics, said the currency could tumble to at least 22 per dollar, but probably further, to about 22.50 or 23 per dollar if the trade deal were to collapse. Under NAFTA, Lighthizer said, Mexico has offered "artificial incentives" to USA investors on the assumption that the United States will be the export market.

U.S., Canadian, and Mexican government officials charged with renegotiating the North American Free Trade Agreement (NAFTA) expressed disappointment in the outcome of the fourth round of the talks completed on Tuesday, but vowed to stay at the table.

Canada maintains it does not have a trade surplus with the USA, a point Foreign Affairs Minister Chrystia Freeland routinely uses to illustrate her point that it's not a good way to measure the success or failure of NAFTA. Mexico will host the fifth round of talks November 17-21, in Mexico City.

Canadian Foreign Minister Chrystia Freeland countered that America's "unconventional" proposals would "turn back the clock" and warned against a "winner-take-all mindset".

Lighthizer said he is unsympathetic to the business community's complaints about ending the dispute settlement process that is in NAFTA and about the proposal to include a five-year sunset clause.

"It is not clear how the (U.S.) administration would expect to reduce the trade deficit through the renegotiation".

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"NAFTA has resulted in a huge trade deficit for the United States and has cost us tens of thousands of manufacturing jobs".

U.S. Trade Representative Robert Lighthizer accused Mexico and Canada of being unwilling to relinquish unfair advantages that he said broadened the $500 billion U.S. global trade deficit.

But companies have built complicated supply chains that straddle NAFTA borders, taking advantage of each country's strengths - such as cheap labor in Mexico and skilled workers and proximity to customers in the United States and Canada. The U.S. Trade Representative's office didn't immediately respond to a request for comment. She said when goods and services are counted together, the USA runs a "slight surplus" of $8 billion.

"Proposed new USA national content requirements would severely disrupt the supply chains, make North American producers and manufactures less competitive relative to imports from outside the region and put in jeopardy tens of thousands of jobs across North America", Freeland said. "Furthermore, including Section 230 in NAFTA in its current form would export a destructive legal battle that will harm sex trafficking victims advertised in Mexico and Canada".

Since 2005, the three countries have also made strides on economic and security co-operation, through the North American Leaders Summit - sometimes called the Three Amigos - which began under former president George W. Bush, the report says.

The Canadian government does not share that concern, said the official, who described the relationship on security and defence as being as strong as ever, despite the differences on trade.

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