NAFTA talks focus on procurement amid doubts over deal chances

He sounds like he really means

In addition, officials said they are preparing for the possibility of ending the NAFTA and moving USA $1 trillion in annual trade.

The U.S. auto parts industry could lose up to 50,000 jobs if the North American Free Trade Agreement is terminated and companies must pay higher tariffs to ship products to Mexico and Canada, according to a new study set for release on Thursday. Trudeau said he believed the Nafta talks could still end in a "win, win, win".

The rules of origin demands are among several conditions that the U.S. Chamber of Commerce has labeled "poison pill proposals" that threaten to torpedo the talks.

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Crude has also failed to benefit from Trump's likely move to decertify the global deal to curb Iran's nuclear program; a decision that could make it more hard for Iran to produce and sell its oil.

Asked during his appearance with Trudeau whether NAFTA was dead, Trump said, "We'll see what happens". "Nafta has benefited millions of people and can benefit millions more", Trudeau said, although he added that Nafta could use a "much-needed upgrade".

Canadian Finance Minister William Morneau said today that he was optimistic for a new deal on North American trade, calling negotiations an "opportunity for improvement".

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The prime minister arrives in Mexico looking for a friendly ear in President Enrique Pena Nieto, himself no stranger to hostility from the Trump administration, who will receive Trudeau at the presidential palace with military honors. Both leaders are keen to see talks succeed.

However, a study released on Thursday by the Motor Equipment Manufacturers Association, which represents USA auto parts makers, showed the higher content requirements would lead to the loss of up to 24,000 U.S.jobs, as some companies would forego NAFTA's tariff-free benefits and ship in more components from other countries. "I think it's just a bridge too far", said Wendy Cutler, the Asia Society's Washington policy director and former chief US negotiator for the Trans-Pacific Partnership trade deal canceled by Trump. "It makes sense to modernize it", said Glenn Hamer, president and CEO of the Arizona Chamber of Commerce. "Any trade proposal that makes multinational corporations nervous is a good sign that it's moving in the right direction for workers". After Donohue made his comments supporting the Nafta, Emily Davis, spokeswoman for the Office of the US Trade Representative, reiterated the administration's position.

"If the required content to hit the threshold for a NAFTA vehicle is too high, people may say, 'Look, it's just too hard, it's too high, so we'll just ship the vehicles in, '" Magna International Inc. "We have always understood that draining the swamp would be controversial in Washington".

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