As per earlier reports,
- US official says that the US did not agree to renew USMCA in current form
- United States will continue to engage with Mexico and Canada to address agreements shortcomings and heartrate deficits with these countries.
- Agreement remains “in force” pending resolution of these issues or until agreements termination
- USTR will continue to consult with Congress, public on changes to USMCA
- Trump has already changed US MCA under new tariffs and trade policies, but it is possible to improve situation with negotiations.
- We don’t have an interest in dragging issues with USMCA out for 10 years.
- Could see having separate trading protocols with Canada and Mexico during the remainder of Trump’s term
- July 20 negotiations with Mexico will continue to discuss rules of origin, economic security.
- We need North American tighter rules of origin for orders and for other industrial goods
Meanwhile Mexico’s economic minister Ebrard says:
- USTR Greer says US wants to review USMCA annually for the next 10 years
- Mexican official to meet with US trader representative on July 20
Canada Minister Leblanc adds:
- Agreed-on importance of continuing our discussions and identifying ways to ensure trade and investment frameworks between Canada, United States and Mexico.
This article was written by Greg Michalowski at investinglive.com.