US House Speaker sets deadline for NAFTA deal

CNC
Added On May 12, 2018

U.S. House Speaker Paul Ryan says NAFTA negotiators have until May 17 to agree a new trade deal, if Congress is to have a chance of passing it.
 
Mexico's top trade official says that means time is running out.
 
Ryan set out his deadline while talking to the Ripon Society in Washington on Wednesday.
 
Under the "fast track" trade negotiating law, there are lengthy notification periods before U.S. President Donald Trump could sign a new North American Free Trade Agreement and before Congress could begin considering it.
 
Ryan said negotiators have until next week to send a letter of intent, if a deal is to go before Congress this year. 
 
If not, it be delayed to next year, after elections, and when the Democrats could potentially be in charge of Congress again.
 
After eight months, major differences remain between the three members of NAFTA.
 
As a way to protect its own car industry, the U.S. is calling for autos to feature at 75 percent of parts from the country they're built in. 
 
Reports say Mexico is trying to haggle this down to 70 percent.