Mexico's ambassador in Washington Geronimo Gutierrez has said a termination clause would erode business confidence in the region, while his Canadian counterpart has said the Trump administration probably wouldn't find much domestic support for the proposal.
"Neither Mexico nor Canada nor major elements within the US business community and government want to see NAFTA die", Meyer says. "We can have that discussion, but I really do think it won't be Mexico and Canada that are pushing back against the secretary, it will be a lot of Americans". But speaking to media after the talks, the Prime Minister said he is open to a new two country accord if that is what it takes to save free trade between the US and Canada.
"We are much worse off with a bad deal than without a deal", said Guillermo Vogel, Vice President of Steelmaker Tenaris, who co-hosted a meeting of Mexican and United States business leaders in Mexico City aimed at pursuing strategies of defending NAFTA.
He said content rules for auto parts were still negotiable, despite shock in Mexico at suggestions half of all parts in cars should be made in the United States.
Trudeau later said he was optimistic that an agreement would be reached.
"Let me be forceful and direct", Tom Donohue, president of the US Chamber of Commerce, said earlier this week. He said "it would not be the end of the world".
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Canada is the number one export destination for most American states, and cross-border trade and investment support almost nine million jobs in the United States.
"The companies represented at the Business Roundtable are very concerned with reports that the Trump administration will weaken NAFTA with drastic changes that would disrupt supply chains that have greatly benefited US businesses, workers and consumers over the last two decades", Josh Bolten, BRT's president and CEO of the group, wrote in a blog post. The countries have agreed to increased "procedural fairness in competition law enforcement", his office said in a statement.
Business groups are raising alarms about the Trump administration's proposals to update the North American Free Trade Agreement (NAFTA) as the fourth round of talks started on Wednesday. Both leaders are keen to see talks succeed. It's time after all of these years and we'll see what happens. Under the United States proposal, America would require more to be made in the country and less sourced from other members of the block.
U.S. Chamber of Commerce CEO Thomas Donohue, speaking in Mexico City on Tuesday, pledged to fight "like hell" to defend Nafta if Trump tries to pull out.
Current NAFTA rules require cars have at least 62.5 percent of their parts made in the U.S., Canada or Mexico. "New or revised negotiated trade agreements should have standards that are explicit and enforceable with regular rigorous consultation".
On Thursday, the American International Automobile Dealers Association (AIADA) said proposed changes to NAFTA would likely increase the cost of vehicles.