President Trump has stated that if NAFTA talks “don’t turn out, we’ll have to do a new NAFTA”. That’s a marked difference from prior threats to “terminate” the deal if acceptable terms – focussed on the trade deficit – cannot be reached. It is important not to read too much into this as the President’s tone regarding the talks has shifted before. Furthermore a complete rework of NAFTA from a clean sheet of paper would take a length of time that may prove unacceptable. One challenge is that the trade deficit with Mexico, the central contention between the two countries, has historically p...
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