More NAFTA 2.0 talk

Two sources familiar with the negotiations have told Bloomberg that the U.S. and Mexico are discussing automobiles in an attempt to break an impasse over auto-production rules in an updated North American Free Trade Agreement. The anonymous sources say officials are meeting to discuss Mexico’s automotive proposal. The auto issue has been a key sticking point during the nine months of negotiations between the U.S., Mexico, and Canada. The push is coming as the Trump Administration tries to get an agreement in time for the current session of Congress to approve the deal before the November midterm elections. If the U.S. can’t hit that deadline, negotiations will run into 2019. Trump said Wednesday that negotiating NAFTA is “very difficult, but autoworkers are going to be very happy with the results.” Mexico and the U.S. have disagreed over the U.S. proposal that 40 percent of a car’s value be made with high-wage labor. People familiar with the discussions say Mexico’s counteroffer is that 20 percent of a car’s value be made with high-wage labor.

 
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