00:02The trade deal linking the U.S., Mexico, and Canada is up for review this week, and its future is
00:08getting a lot less certain.
00:09The president hints he's not planning to extend the deal he made his first term.
00:14Well, I'm not looking to renew it. I don't, you know, I mean, I made the deal, and the primary
00:19reason I made the deal is that NAFTA was the worst trade deal I've ever seen.
00:23That wouldn't kill the deal now, though it would leave it in limbo.
00:26Not renewing would start a decade-long countdown, where if the three countries don't agree to changes, the pact expires
00:33on this day in 2036.
00:35However, the president does have termination in his pocket, which would trigger a withdrawal within six months.
00:42The stakes are huge. The United States, Canada, and Mexico account for nearly $2 trillion in trade together a year,
00:48about $5 billion a day.
00:51As for why the deal he negotiated isn't working, the biggest fight is over cars.
00:55The U.S. wants stricter rules for North American auto production, including a new requirement for 50% of U
01:02.S. content in North American-built vehicles.
01:05Oscar Ocampo, with the Mexican Institute for Competitiveness, called that a red line for both Canada and Mexico.
01:13Businesses say they want stability after months of shifting tariffs, while officials from all three countries are expected to meet
01:20virtually today.
01:22Mexico and Canada have previously sought to extend the deal, which doesn't appear to be on the table.
01:28Canadian Prime Minister Mark Carney now says his priority is to work out new terms.
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