WASHINGTON, July 17 (Xinhua) -- U.S. Trade Representative (USTR) Office on Monday released objectives for the renegotiation of the North American Free Trade Agreement (NAFTA) that aims to reduce U.S. trade deficit and includes new aspects, such as digital economy, labor and environmental obligations.
"Through the renegotiation of NAFTA, the Trump administration will seek a much better agreement that reduces the U.S. trade deficit and is fair for all Americans by improving market access in Canada and Mexico for U.S. manufacturing, agriculture, and services," said USTR Robert Lighthizer in a statement on Monday.
It's the first time that USTR has included deficit reduction as a specific objective for NAFTA negotiation, reflecting the Donald Trump administration's determination to address the trade deficit.
According to the statement, the United States had a deficit of 64 billion U.S. dollars with Mexico in 2016, compared to a surplus of 1.3 billion dollars in 1994 when NAFTA was implemented.
In regard to Canada, the United States has incurred market access issues in dairy, wine, grain and other products, and the current agreement is unequipped to address the barriers to the market, said the statement.
The United States also seeks to retain power to impose tougher trade enforcement against Canadian and Mexican products, and to include policing currency manipulation in the renegotiation.
The renegotiation is expected to begin as early as Aug. 16, said the statement.
U.S. officials, including Commerce Secretary Wilbur Ross, said they would like to finish the renegotiation before the Mexican presidential campaign and U.S. midterm elections in 2018.
