Don't expect many winners.
That's not how the White House sees it, of course. Reality, however, doesn't care what the administration thinks it thinks.
North American Free Trade Agreement negotiators are set to cover the hard issue of government procurement on Thursday as they try to revamp the pact that U.S. President Donald Trump has threatened to terminate.
U.S. Trade Representative Robert Lighthizer said on Wednesday the three nations had completed their negotiations on company competition policy, reaching an agreement that goes beyond previous U.S. trade deals to ensure "certain rights and transparency under each nation's competition laws".
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.
"Without a doubt, there's life after NAFTA", he said, "And that's what gives us strength in the (current) negotiations".
"There's been huge investments in Canada, the USA and Mexico, that are long-term assets", said Don Walker, chief executive officer of Magna International Inc. a Canada-based parts maker with more than 25,000 employees in the U.S.
To that end, negotiators must comprehensively focus on balanced trade that provides real wage growth for American, Canadian with special emphasis on Mexican workers, whose suppressed wages are harmful for all three countries.
"My optimism toward NAFTA, toward a renegotiation, isn't based on personality or reading political tea leaves", Trudeau said following his talks with Trump. Yet as is often pointed out, he comes from a developer mentality of "win-lose" in negotiations, rather than the "win-win" needed in trade.
WASHINGTON-Progressive House Democrats and their union allies campaigned against retaining a secret "trade court" in any "new NAFTA". In addition, the United States wants to add a new 50 percent US -specific content requirement, something that was not in the earlier agreements. Countless manufacturing plants throughout our country have closed and hundreds of thousands of good jobs to Mexico have vanished. Manufacturers have built complicated supply chains that cross NAFTA borders. No wonder business is spooked. In theory, a NAFTA-less North America would revert to the old tariffs, some relatively low (but not for farm products).
"I hope the Trump Administration realizes that negotiating without foresight doesn't just adversely affect our economy, it is a return to a panicked approach to globalization and adversely affects the jobs of the 21 Century workforce that depend heavily on American ingenuity". The move "would send shock waves through the Mexican economy and cause grievous damage to USA industry supply chains", Barutciski told BNN via email.
The Chamber estimates that about 14m United States jobs depend on trade with Canada and Mexico, and more than $1bn in commerce is conducted daily across the southern and northern borders. Witness his failure so far to kill Obamacare.
"I continue to believe in NAFTA.so saying, we are ready for anything, and we will continue to work diligently to protect Canadian interests", Trudeau said. Now add the fate of the North American economy. Meanwhile, China will see an opening to expand its "one belt one road" global initiative. A Fed misstep? Tech-stock collapse?