US Treasury Sec Mnuchin Says NAFTA Deal is Near

Treasury Secretary Steven Mnuchin told CNBC on Thursday a deal on NAFTA is coming in the near future.

“We hope to have an agreement in principle, clearly, very soon. That’s the first priority,” Mnuchin said on “Squawk Box.” “I think we’re making a lot of progress.”

The U.S., Mexico and Canada have been in talks to renegotiate the trade deal after President Donald Trump repeatedly bashed it by calling it the worst trade agreement ever.

Earlier this month, Trump said he wanted to wait until after the U.S. midterm elections to move forward on a new deal with Mexico and Canada. “NAFTA, I could sign it tomorrow, but I’m not happy with it,” Trump said. “I want to make it more fair.”

usdcad Canadian dollar graph, July 26, 2018

Administration officials have said would be willing to do individual deals with Mexico and Canada. But top negotiators for Canada and Mexico said Wednesday they were committed to a trilateral NAFTA agreement.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza