The Trump administration is seeking to reduce the US trade deficit through planned talks to renegotiate the North American Free Trade Agreement (NAFTA), US Trade Representative Robert Lighthizer said Monday.
President Donald Trump, a right-wing populist, vowed during his presidential campaign to re-open NAFTA, which took effect in 1994 with Canada and Mexico.
Lighthizer's 18-page document states the goal to "improve the US trade balance and reduce the trade deficit with NAFTA countries."
In 2016, the US had a nearly 8-billion-dollar trade surplus with Canada and a 63-billion-dollar deficit with Mexico in goods and services. Trade between the NAFTA countries is worth more than 1.2 trillion dollars.
In talks to revise the deal, Lighthizer said he will seek to eliminate hurdles to US investment, prevent currency manipulation by Canada and Mexico and forge stronger rules requiring content from North America in manufactured products.
The Trump administration notified Congress in May of plans to renegotiate the regional trade deal. Under the process, Congress can vote down a new agreement but not offer amendments.
Negotiations with Canada and Mexico are scheduled to begin on August 16.
By Frank Fuhrig
