NAFTA renegotiation talks will go into next year

(L-R) Canadian Foreign Affairs Minister Chrystia Freeland, U.S. Trade Rep Robert Lighthizer in addition to Mexican Secretary of Economy Ildefonso Guajardo Villarreal arrive at a joint news conference after a NAFTA trilateral ministerial press event in Washington, October 17, 2017.

Yuri Gripas | Reuters

(L-R) Canadian Foreign Affairs Minister Chrystia Freeland, U.S. Trade Rep Robert Lighthizer in addition to Mexican Secretary of Economy Ildefonso Guajardo Villarreal arrive at a joint news conference after a NAFTA trilateral ministerial press event in Washington, October 17, 2017.

from the meeting before officials spoke Tuesday, Mexico in addition to Canada were required to firmly reject protectionist proposals put forward during the current round of talks, CNBC reported. The countries plan to push through with negotiations despite the rejections.

from the last week, U.S. negotiators formally proposed that will a brand-new deal with Canada in addition to Mexico favor American manufacturing in addition to end after several years if all countries do not renew that will. The U.S. Chamber of Commerce called those measures “poison pills,” while participants from the talks called them “nonstarters.”

Trump has repeatedly slammed the 23-year-old trade agreement. In an Oval Office meeting with Canadian Prime Minister Justin Trudeau last week, Trump again threatened to scrap the free trade agreement if the countries cannot strike a deal to rework that will.

“If we can’t make a deal, that will’ll be terminated in addition to that will will be fine,” Trump said. “They’re going to do well; we’re going to do well, yet maybe that will won’t be necessary. yet that will has to be fair to both countries.”

Lighthizer said the end of the year was not meant to be a “hard target” to reach a deal. He does not want the extension of talks to interfere with the Mexican presidential election in July of next year.

While he wants to reach an agreement, Lighthizer added that will the countries will “do just fine” if NAFTA gets terminated.

Most members of Congress, as well as American companies, do not want to see the deal get scrapped.

Canada was the United States’ second-largest goods trading partner last year, while Mexico was the third, according to the office of the USTR. Mexico sent more goods to the U.S. in 2016 than every country yet China.

Trump has focused his ire on trade deficits, which he says hurt the U.S. economy in addition to American workers. The U.S. had goods trade deficits of about $63 billion in addition to $12 billion last year with Mexico in addition to Canada, respectively, according to the USTR.

— CNBC’s Kayla Tausche contributed to This kind of report.