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US business leaders call on Trump to stick with NAFTA
BUSINESS leaders in the US are calling on the Trump Administration to move quickly on an update of the North American Free Trade Agreement (NAFTA) between the United States, Canada and Mexico, but not to mess with the underlying structure, the Wall Street Journal reported.
In a letter sent to the White House, the group of 32 chief executive officers from major companies emphasised to President Donald Trump the benefits they receive from NAFTA. They stressed that they are willing to work with the administration to "modernise" the deal, rather than work on an overhaul that starts over from scratch.
"We encourage the administration to proceed quickly and trilaterally," the executives wrote, reported American Shipper. "Uncertainty about the future of America's terms of trade with Canada and Mexico would suppress economic growth and may cause political reactions that undermine US exporters."
The response follows closely behind a letter the Trump administration sent to Congress signalling its intent to renegotiate NAFTA.
The letter's signatories include CEO David MacLennan of Cargill Inc, which benefits from duty-free agricultural sales to Mexico and Canada; CEO Lance Fritz of Union Pacific Corp., which handles 70 per cent of rail volumes to and from Mexico; and CEO Steven Rendle of VF Corp., which imports many brands bought by American consumers.
In addition, the CEOs explained how the trade deal supports 14 million American jobs and a trading volume of US$3.5 billion daily.
In a letter sent to the White House, the group of 32 chief executive officers from major companies emphasised to President Donald Trump the benefits they receive from NAFTA. They stressed that they are willing to work with the administration to "modernise" the deal, rather than work on an overhaul that starts over from scratch.
"We encourage the administration to proceed quickly and trilaterally," the executives wrote, reported American Shipper. "Uncertainty about the future of America's terms of trade with Canada and Mexico would suppress economic growth and may cause political reactions that undermine US exporters."
The response follows closely behind a letter the Trump administration sent to Congress signalling its intent to renegotiate NAFTA.
The letter's signatories include CEO David MacLennan of Cargill Inc, which benefits from duty-free agricultural sales to Mexico and Canada; CEO Lance Fritz of Union Pacific Corp., which handles 70 per cent of rail volumes to and from Mexico; and CEO Steven Rendle of VF Corp., which imports many brands bought by American consumers.
In addition, the CEOs explained how the trade deal supports 14 million American jobs and a trading volume of US$3.5 billion daily.
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