U.S. Trade Rep says Obama will not redraft NAFTA

Top U.S. Trade Representative Ronald Kirk said today that the U.S. would not try to redraft NAFTA. Kirk said, “The president has said we will look at all of our options, but I think they can be addressed without having to reopen the agreement,”

Redrafting NAFTA was a campaign promise made by Obama that was aimed to address labour union concerns of NAFTA hurting American jobs.

During the U.S. campaign, a leaked memo indicated Obama’s economic adviser told Canadian Consul General Georges Rioux that Obama’s statements should not be taken seriously  and that the position should not be construed as an articulation of policy, even though Obama said the U.S. should use “the hammer” to renegotiate NAFTA with Canada and Mexico.

Obama was the only presidential candidate to support a redraft of NAFTA, and was even involved in a heated debate with Hilary Clinton over the issue.

Canadian PM Stephen Harper was also criticized during the U.S. presidential campaign as he faced accusations of sabotage because of Obama’s NAFTA remarks.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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