President Donald Trump said the U.S. wants to reduce trade imbalances with Mexico and Canada and boost exports of everything from farm goods to financial services as it prepares to kick off talks to revamp the North American Free Trade Agreement.
The office of Trump's top trade negotiator on Monday released the administration's list of negotiating objectives for talks with Mexico and Canada that are expected to begin as early as Aug. 16. At the top of Trump's list: "Improve the U.S. trade balance and reduce the trade deficit with Nafta countries."
The 17-page summary turns into policy a pledge that Trump made repeatedly during the campaign, when he complained about unfair trade practices by America's rivals and vowed to tear up trade deals that weren't in the country's interests. But making the goal explicit may complicate the chances of reaching a new agreement, with both Mexico and Canada under their own domestic pressures not to cave to U.S. demands. The U.S. had a $63 billion trade deficit in goods and services with Mexico last year, and a $7.7 billion surplus with Canada.