Incumbent US President Donald Trump has called NAFTA the “single worst trade deal ever approved” by the US and claimed that it has led to the outsourcing of thousands of jobs from the US to Mexico and China.

NAFTA is a trade treaty among the USA, Canada, and Mexico, dating back to 1994.

The three parties to NAFTA agreed in July last year to hold seven rounds of talks to renegotiate the deal; however, little progress has been made on key issues.

Canadian officials said they believed with confidence that Trump would soon act to trigger the withdrawal process.

The two other sources, who are involved in the trade talks and spoke on condition of anonymity, also reiterated that Mexico would leave the negotiating table if the US president launched withdrawal.

US, Canadian, and Mexican officials hold a press conference at the conclusion of the fourth round of negotiations for a new North American Free Trade Agreement (NAFTA), at the General Services Administration headquarters in Washington, DC, on October 17, 2017. (Photo by AFP)

 

The Wednesday report sparked fear in international markets and a devaluation of both the Canadian dollar and the Mexican peso.

Mexico has previously called on the US to uphold the 24-year-old trade deal, arguing that the suspension of such an agreement would have consequences for all parties involved.

Meanwhile, Canada has launched a wide-ranging attack on US trade practices, calling on the World Trade Organization to examine the use of duties in the US.

PressTV.com / AA Magnum Analyst News 2018.

 

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