- Commerce Secretary Wilbur Ross will release a study Friday that he say argues for tougher rules of origin in NAFTA, due to declining U.S. value-added content for manufacturing imports from North American partners.
- In particular, the Trump administration wants to see more U.S. content in auto imports, which make up the main source of U.S. trade deficits with Canada and Mexico. U.S. content in Canada's manufactured goods dropped to 15% in 2011 from 21% in 1995, he says; in Mexico's goods, it dropped to 16% from 21%.
- Mexico says its imports into the United States contain about 40% U.S. content.
- An opinion piece from Ross previewing the report comes ahead of a third round of negotiations for the deal starting in Ottawa on Saturday, where the U.S. Trade Representative looks to submit new text proposals dealing with more challenging issues, like rules of origin, labor standards targeting higher Mexican wages and mechanisms for resolving disputes.
- Major U.S. automakers: F, GM, FCAU. ETFs: CARZ
- Now read: What Does Ford's Production Cut Mean?
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Commerce secretary amps up pressure ahead of third NAFTA round
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