NAFTA talks bog down over U.S. demands as latest round concludes

US demands an end to Canada's supply management

Canada and Mexico will reject the US's latest proposals for NAFTA but offer to continue negotiating, CNBC reported. "If we end up not having an agreement, my guess is all three countries would do just fine".

Trump withdrew the United States from the TPP - a deal between the USA and 11 other Asia-Pacific nations - shortly after taking office. It's possible that his administration is trying to sabotage the agreement to justify a withdrawal, said Paul Ashworth, the chief U.S. economist at Capital Economics.

Canadian and Mexican officials have privately panned the so-called sunset provision, as has the U.S. Chamber of Commerce, whose leader called it a "poison pill" proposal that could undo NAFTA because it would insert uncertainty in a pact whose aim is partly to provide certainty in commerce.

While Mexicans desperately want to keep NAFTA, which has helped transform Mexico into a manufacturing powerhouse and steadily expanded the middle class, they are also making preparations for the possibility of life without it.

Mexico will host the fifth round of talks in November, and additional talks will be held next year.

He added that he believed there was a way of finding creative solutions that would allow North America to expand trade, benefiting all three countries. The U.S. also proposed that half of the parts that come from North America must originate from the United States.

Those questioning the White House's approach to the trade talks, including business and agriculture groups, have said leaving NAFTA would cause serious damage to the USA economy because the three countries are now so integrated.

"If we do that it's a whole new ballgame going forward and I think there are ways to do that if we have something balanced", he said. Right now, this right is reserved for Mexico and Canada. By Monday, Mexico's peso MXN=D2 hit a near five-month low with fears growing about the future of the deal underpinning $1.2 trillion in annual trade between the three countries.

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