The future of a key U.S. trade deal with Canada and Mexico will be determined after the upcoming midterm elections, President Trump said on Sunday.
The Trump administration is in the midst of renegotiating the North American Free Trade Agreement. Discussions have stalled in recent weeks as the U.S. continues to demand, among other things, a sunset clause that would force the countries to re-certify the deal every five years.
Trump told Fox News that he will wait “until after the election” before deciding on the future of NAFTA.
Republican lawmakers have criticized the Trump administration’s attempt to renegotiate that trade deal. And GOP leaders like House Speaker Paul Ryan previously warned that a new tentative agreement would need to be reached between the three governments by May to give Congress enough time to approve it.
The future of NAFTA is one of a slew of trade actions the administration is weighing. The agenda is causing concern among U.S. businesses and lawmakers who fear that, among other things, new tariffs on steel and aluminum products could undermine a strengthening economy.
Trump defended his recent actions and said foreign government officials are “calling every day” to launch new, unilateral trade deals with the U.S.
Some of the more sweeping actions, like an additional $400 billion in tariffs on Chinese imports and new tariffs on automotive imports, have yet to go into effect. Trump said tariffs on China could top $500 billion if the communist government does not reach a deal with the U.S.
