- Two top US trade officials offered warnings about the future of NAFTA talks on Tuesday.
- US Trade Representative Robert Lighthizer said a deal must be reached in the next two weeks — or approval by the current Congress would be "on thin ice."
- US Commerce Secretary Wilbur Ross said the "political calendar makes it difficult" absent a deal soon.
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'Thin ice': Top US officials are sending fresh warnings about the massive new trade deal between the US, Canada, and Mexico
Both US Trade Representative Robert Lighthizer and Commerce Secretary said that a new NAFTA deal must be reached in the next few weeks or the current Congress may not get the chance to vote on the deal.
Two top US trade officials warned that negotiations on a new version of the North American Free Trade Agreement need to wrap up soon — or the countries in the deal could risk facing insurmountable headwinds.
Both US Trade Representative Robert Lighthizer and Commerce Secretary Wilbur Ross said NAFTA negotiations must be completed over the next few weeks for Congress to approve a new deal before the midterm elections.
Negotiations to rework NAFTA began days after President Donald Trump took office, when he signed an executive order. Formal talks among the agreement's members — the US, Canada, and Mexico — kicked off in August.
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While talks among the three countries are ongoing, the looming deadline is purely the fault of the US. The Trump administration is using Trade Promotion Authority to spearhead any deal through Congress, allowing it to receive approval with only a majority vote in both chambers. But TPA also imposes strict timing rules, and approval already looks tough ahead of the 2018 midterm elections that are set to change the makeup of the legislature.
Lighthizer said that waiting for a new Congress could be risky because the new members could "
Ross, also speaking Tuesday at the Milken Conference, said unless any agreement comes together in the next few weeks, "
He also highlighted the political uncertainty that surrounds the Mexican presidential election in July.
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