LONDON  (Daily Mail) – U.S. President Donald Trump's administration has launched the 90-day countdown to renegotiating the three-nation North American Free Trade Agreement.
U.S. Trade Representative Robert Lighthizer formally notified Congress of the intent to revamp the pact with Canada and Mexico, which accounts for about $1 trillion in annual trade.
Talks will begin no earlier than August 16, 2017, he said in a statement.
During the required 90-day period, USTR will consult with "Congress and American stakeholders to create an agreement that advances the interests of America´s workers, farmers, ranchers, and businesses," he said.
During the campaign, Trump vowed to scrap NAFTA altogether, saying it was a disaster for U.S. workers. His repeated complaints that bad trade deals cost American jobs gained him support among working class voters, who helped lift him to the White House.
But Trump backed away from the threat to withdraw after Canadian and Mexican officials urged Washington to renegotiate and modernize -- rather than scrap -- the trade pact, which has boosted industry and created tight manufacturing, farming and business links throughout the region.
Still, Lighthizer said reforming the trade agreement fulfilled one of Trump's "key promises to the American people."
In the formal notification to Congress, Lighthizer said NAFTA had not kept up with changes in the economy and business over the last 25 years, including the boom in e-commerce.
"Many chapters are outdated and do not reflect modern standards," he said.
The administration aims to improve "effective implementation and aggressive enforcement" of NAFTA commitments, and will introduce additional provisions to address intellectual property rights, regulation, services, labor, environment and other issues, he said.
"The United States seeks to support higher-paying jobs in the United States and to grow the U.S. economy by improving U.S. opportunities under NAFTA," he said.