Speaker Ryan Eases on NAFTA Deadline as 3 Nations Express Optimism

A New NAFTA Deal Doesn't Seem Close, Despite Deadline

Nafta Deadline Arrives With Little Prospect for an Agreement

The Americans, believing the Mexicans would bend on the automobile rules to get a deal quickly, insisted on a toughened position last week and the Mexicans responded by rejecting the proposal, saying they would rather have no deal than a bad deal, according to officials briefed on the talks.

Trade representatives from Canada, Mexico and the USA continue negotiating a revised NAFTA agreement.

" "The calendar made me do it" is not an excuse to quit on the American worker", she said. But that could be politically damaging: The trade agreement benefits Republican-held states where agriculture is a big business, since Mexico and Canada are big buyers.

Ryan himself told reporters at the U.S. Capitol that Congress can not begin working on the negotiating law known as "fast track" without a trade deal in hand.

There was no immediate reaction to Lighthizer's comments from the offices of Canadian Prime Minister Justin Trudeau and Foreign Minister Chrystia Freeland.

Sanders did not address Ryan's timeline, but said Trump was adamant he would get a deal "that works for America". For the auto industry, which has argued against sweeping changes, the failure to reach agreement will likely be met with a sigh of relief although the battle over NAFTA will continue.

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For that to happen, though, the United States and Mexico would have to end what officials say is deadlock over US demands to raise wages in the auto sector and boost the North American content of cars made in the three NAFTA nations.

Since his presidential campaign, Trump has called the NAFTA accord, which took effect in 1994, a "horrible" deal for the US and threatened to withdraw if it could not be renegotiated.

NAFTA is bearish for Mexican peso and the Loonie.

In fact, speaking in NY today, Canada's Trudeau, who is feeling positive about NAFTA, said that it has been incredibly positive for all 3 nations and that there is good NAFTA deal on the table.

Mexico's economy minister Ildefonso Guajardo reiterated that Thursday was not a feasible deadline.

May 17 loomed as a deadline for a preliminary agreement after Paul Ryan, the speaker of the U.S. House of Representatives, last week said that for congress to approve a revamped NAFTA, an agreement in principle had to be submitted by that date, or congress would not have enough time to debate and approve it before legislative elections in November.

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