mexico needs nafta and mexico needs a strong nafta. mexico will face presidential elections on june 2. we have been able to pass structural results that will yield results in the medium to long term. however, transparency, the rule of law, crime are serious challenges that are acting against mexico's competitiveness. if mexico will continue to a stronger region, we need to find sustainable and long-term solutions. nafta may have triggered mexico's transition to democracy. boosting north american integration requires political leadership and requires a shared vision. returning credibility and legitimacy to the process may prove to be the biggest challenge. we need to be up to it. thank you. that was thank you wonderful. emphasizing the gains that have been secured after two decades of nafta. i would like to send it to francisco. mr. de rosenzweig: thank you. i want to thank that wilson center and the kind invitation to be here. as you all know, after many months of great uncertainty tomorrow.'ll start uncertainty.reat [indiscernible] be

we have a responsibility to younger nafta. mexico needs nafta and a strong nafta. mexico will have presidential elections on june 2nd. we have been able to finally pass a series of structural reforms that will yield results in the medium to long-term. however corruption and transparency, rule of law, crime, a serious challenge acting against mexico's competitiveness. if mexico is to contribute to a stronger region we need sustainable and long-term sust solutions. in 1994, mexico, nafta may haven triggered mexico's transition to democracy. polit more nafta may be the force. the integration requires political leadership, returning credibility and legitimacy may be the biggest challenge but we need to be up to it. >> great way to kick us off with an ambitious vision of what is possible. and the many games that have been secured after two decades of nafta. if you could address the question of the priorities and redlines in negotiations. >> good morning, everybody. i would like to thank you. as you know, after months of o uncertainty, it will start tomorrow. it has been

we have responsibility beyond the nafta. mexico needs nafta and needs a strong nafta. we have been able to finally pass structural reforms that will yield results in the medium to long-term. corruption and transparency, the rule of law, a seriousciary are challenge that is also acting against mexican competitiveness. for mexico to contribute to a stronger region, we need to find stronger and sustainable solutions. have triggered mexico upon his transition to democracy. today, it may be to require force for security and rule of law questions in mexico. boosting north american integration requires political leadership and returning credibility and legitimacy to the process one of the biggest challenges, but we need to be up to it. lux.n: thank you, possible and is also emphasizing the many gains that have been secured after two would now nafta, i like to go to francisco. can address the redline's you see in these negotiations, particularly from the mexican point of view, it is up to you. francisco: thank you. i want to thank the institute and duncan. as you know, after m

we have a responsibility beyond the nafta. mexico needs nafta and mexico needs a strong nafta. mks will face presidential elections next year on june 2nd. we have been able to finally pass a series of structural reforms that will yield results in the medium to long-term. however, corruption and transparency, the rule of law, crime and a weak judiciary are a serious challenge that are working against mexico's competitiveness. if mexico is competing to a stronger region, we need sustainable and long-term solutions. and nafta may have been there in 2000. and today, it addresses rule of law questions in mexico. boosting north american integration reyears political leadership. returning legitimacy to the process mae-- may be the biggest challenge. >> thank you. a vision of what is possible and emphasizing the many gains that have been secured after two decades of nafta. i'd like to have-- if you could address this question of the priorities and red line that you see in these negotiations from the mexican point of view. >> thank you, good morning to you, everybody. i want to thank th

in the 15 years preceding nafta, there were as many jobs lost as the 15 years after nafta. that is 1979 through 2009. losst manufacturing job due to nafta. that is what i wanted to call about. guest: that raises a good point, that figure i cited and that robert lighthizer mentioned, of america losing 700,000 jobs under nafta. it is controversial. a lot of economists say that is not true, citing what you are ,aying, that if nafta goes away you are still going to lose jobs. the basic argument is that you cannot keep manufacturing in a world where production is cheaper in other parts of the world. that is an issue. i do agree it is very contentious. there is no definitive answer to that. host: another issue brought up by the u.s. trade or presented to was settling disputes. how have they settled under nafta today, and how would they effect change? guest: that is a very contentious part of nafta, something called chapter 19, where they have a dispute resolution body that could settle some of the differences. the united states does not like it. they think it should be done in u.

years nafta so that's 1979 to 2009. no net job loss to nafta. that's what i wanted to call about. good point that figure that was mentioned of jobsca losing 700 thousand under nafta is controversial. site what onomists you say that united states lost jobs before or after and if it away it still will lose jobs and the basic argument is manufacturing when production is cheaper in other world so that's an issue i agree. contentious and to e's no definite answer that. >> another issue brought up was settling disputes. settled under nafta today and how do they want that to change? that's a very contentious part of nafta is called chapter they have a dispute resolution body under nafta that solve some of the differences and the united states doesn't like it. hey think it takes away u.s. sovereignty and it should have gone beyond what the united wants. canada is in favor of it. away t they almost walked from nafta initially because of that. bargaining chip on both sides if canada wants something done they might have get rid of

for agriculture, nafta has been good. if we look at the changes since 1994, trade between our three countries has grown exponentially. we must build on this success. with canada, the us, we have $56 billion in reciprocal trade and the us has a surplus at this time. with mexico and canada we have $3.2 billion in trade and mexico has a slight surplus. canada is the top export market for 29 us states. as farm leaders we have outlined common ground for forward. there are five areas we agreed on. one is a focus on increased and improved regulatory alignment. the secondary is looking at approving the flow of goods at border crossings. the third is alignment of science-based sanitary measures and with that fancy term that is human animal and plant health issues. the elimination of non-science-based technical barriers to trade is another area we need to concentrate on. adapting the agreement to technology advanceds that have been made since 1994. in 1994, the internet, digital economies, those types of things. in closing i would

looking ahead to the nafta negotiations. coming up, we will take a look at big tech earnings out of china. can tencent's results keep up with the rise in its stock price? a look at what to expect in the second quarter. this is bloomberg. ♪ got you outnumbered. the dinosaurs' extinction... don't listen to them. not appropriate. now i'm mashing these potatoes with my stick of butter... why don't you sit over here. find your awesome with the xfinity stream app. included with xfinity tv. more to stream to every screen. ♪ rishaad: it is 9:39 in hong kong. we are looking at u.s. july retail sales, coming in twice forecast, 26% up. did not do much for retailers in the u.s.. coming up, we get clues to the rates. donald trump is doubling down and blaming both sides for the balance -- the violence in virginia. china is top dog again when it comes to the u.s. treasury moment -- treasury market. we will look at tencent earnings later. right, tencent, alibaba later this week, they will give us an indication as to whether the rise in

trade representative speaking of nafta here is. i want to be clear that he is not interested in a mere tweaking of a few provisions and a couple of updated chapters we feel that nafta has fundamentally failed many many americans and needs major improvement. can we agree with those and if so does that mean the light eyes are in the trump people are going to take the stuff on the right road so for decades citizens' groups like ours and trade unions environmental groups have have said that nafta has been in many ways an unmitigated disaster for people in the united states mexico and canada and it is critical for there to be a replacement of nafta and we've been calling for that project it's now the question of whether this three negotiation is going to get us there is very much an open question we need to see what what actually happens we would and what is important as you said president trump said that he wanted to make it the deal a lot better for working people while we have a list of very clear demands of what needs to be in and o

that at long last is talking about turning nafta into what it should have been all along an engine of growth and job creation for all of north america an aim that would be accomplished by turning the region into a genuine trade bloc and in fact that's what many nafta backers promised or suggested would happen back in the early one nine hundred eighty what is the difference between a genuine trade bloc and what nafta a genuine trade bloc make certain that the vast majority of the benefits of expanded trade and freed up trade go to the signatories and that countries outside the region aren't able to enjoy that trade agreements benefits without encouraging any sort of without incurring any obligations whatever it is that latter situation that we're in with nafta right now and the big problem is that an enormous percentage of the goods freely traded inside this current nafta zone the u.s. canada mexico have very high levels of non nafta content which means enormous lost opportunities for workers inside the nafta zone so if i could boil it down to just a sentence or two actual practical st

agreement, that were to revamp nafta. live coverage on c-span2. >> the president of the american farm bureau federation, ron bonnett, president of the canadian federation of agriculture, and the president of the agro in mexico. these men will get there dues that should happen with modernization of nafta. no matter what you may have heard there is a great deal our nations have in common and can agree upon. they will get your opening remarks, after that we will have a signing of a letter and minister freeland and chief negotiators for the treaty. after that we will open the floor to questions. if you have a question at the press club please wait for a microphone so that people on the phone can hear the question you are asking. the floor is yours. >> thank all of you for attending today. this is an important day to american agriculture, canadian agriculture and mexican every culture and we show our unity together and i want to thank mister bonnett for being with us today and joining us in talking about modernization of nafta

frager culture, nafta has been good. if we look at the changes since 1994, trade between our three countries has grown exponentially. we must build on this success. with canada, the u.s. we have 56 billion and restrict acculturated with mexico and canada we have 4.2 billion and again mexico has a large surplus. canada is the top export market for 29 u.s. states. has farm leaders there five areas that we agreed on. one is a focus on increased and improved regulatory alignment the secondary is located at improving the flow of goods that border crossing. the third is further alignment of science -based sanitary measures and with that term let's human animal and plant health issues. the elimination of non- science -based technical barriers to trade is another area we need to concentrate on. and then adapting the agreement to technology advances that have been made since 1994. 1994 the internet, digital economy and those things were not even thought of. in closing, like to heckle what was said this morning. we are neighbors,

vega in help in joining us to renegotiate the trade nafta. american farmers value our trade relationships with our two closest neighbors, canada, mexico are more than just close, they are our number one and our umber three customers of the united states,ing a culture product -- agriculture products and they are the number two of agriculture imports. clearly our trade relations are important to all of us on the stage here. we have a vital interest in helping our neighbors make improvement -- negotiators make improvements but also to do no harm to the gains that we have gained in nafta. we are committed to preserving gains. nding upon the nafta continues to be a success story for north american farmers and ranchers. we all want timely enforcement or trade agreements and prompt resolutions to disputes that might arise in this new mo determinization -- mo determinization. u.s. exports will total $137 billion this year. the forecast of agriculture imports is $114.5 billion giving us a trade surplus in agriculture products and yes, i aid a surplus,

trade deals and had a lot of negative rhetoric not only on nafta but also on t.t.p. . and just trade deals in general but once he was elected to office his tone really softened and then in april he announced that instead of scrapping nafta all together like he did with p.p.p. he would be open to negotiations so as for the u.s. side what we can expect out of today in the talks moving forward trump officials want to see a change in labor regulations in particular how it impacts wages and how you know we can prevent the pushing down of those wages through outsourcing labor they want to see a change in the way we combat currency manipulation and they also want to update the dispute resolution process which if it were to be changed would just make it easier for all three sides involved in nafta to meet and talk about changes they would like to see a nap in the future without having to put on this big production but in addition to those three points we're seeing and hearing a lot from trump officials on modernizing now because it was created almost two decades ago over two d

since nafta was enacted, the organization says u.s. agricultural exports to those countries have risen more than 300% to about 38 billion dollars last year or about a third of total u.s. ag exports. the american farm bureau says that helps boost farm incomes, which have been cut in half since 2013 because of low prices. >> we're looking at different opportunities to increase demand, but we certainly don't want to lose one of our most important markets and our important customers in canada and mexico. >> reporter: still, there are some items on farmers' wish lists for nafta talks. some poultry and dairy farmers want more access to canadian markets, somewhat less red tape to registers genetically modified crops and reduction in wait times at the border. >> it's the unknown that worries us. >> reporter: but he would be happy if things stay the same. >> that would be the best-care scenario. >> reporter: if other protectionist measures, some trade groups warn in the long run consumers may have to shoulder the burden for paying higher prices

what trump has called the worst trade deal ever we have team coverage on nafta negotiations today boom bust bianca sheeny is in the washington at the white house alex mileage joins us from halifax canada i want to start with you has trump's rhetoric on now changed since he called it the worst trade deal ever. it certainly has changed a lot or halt during the campaign he famously called now after the worst trade deal ever in the history of u.s. trade deals and had a lot of negative rhetoric not only on nafta but also on t t p p and just trade deals in general but once he was elected to office his tone really softened and then in april he announced that instead of scrapping nafta all together like he did with p.p.p. he would be open to negotiations so as for the u.s. side what we can expect out of today and the talks moving forward tromp officials want to see a change in labor regulations in particular how it impacts wages and how you know we can prevent the pushing down of those wages through outsourcing labor they want to see a change in the way we combat currency manipulation and they

at some point probably i told you for the first day we will renegotiate nafta or we will terminate nafta i personally don't think you can make a deal without it terminate you but we're going to see what happens ok you're and you're in good hands i can tell you. in good hands america that's what the president's goal but it seems but again as i mentioned preaching to the converted here he's talking to an audience in phoenix arizona that are you you know trump stores to the degree and then that's basically that's basically it i mean the guy was speaking to his audience and when it comes down to it we've seen trump flip flop in the past and i think this is one of those situations again but also he's expounding on something it's a long of fame that he has he has said the talks are going on and so it's sending a message but maybe they were nonplussed how are canada and mexico reacting to this prat. both canada and mexico expected this is just a question of time when was it going to happen you know it's hard ball the go shooting everybody looks at you know if you look at as businessman these ar

in addition to that, we talk about nafta. we have to make sure that we have strong buy america standards and that we have strong, enforceable labor standards and wage standards, in addition to environmental standards and so many others that seem to be left out in too many negotiations. second, with regard to china, we know in pennsylvania all too well that, when china cheats, pennsylvania loses lots of jobs. that has been happening for far too long. when countries cheat, whether it is china or any other, we have to make sure that we go after them with everything that we have. number one, we should make sure that the administration will insist on quick and definitive action on behalf of steel and aluminum producers to make sure that they have a level playing field. and finally, we need to hold companies accountable when they ship jobs overseas. when you ship jobs overseas, there should be a consequence when you seek a federal contract. when companies outsource jobs, they should pay a tax for moving those jobs overseas. when a

in addition to that, we talk about nafta. we have to make sure that we americaong buy standards and that we have strong, enforceable labor standards and wage standards, in addition to environmental standards and so many others that seem to be left out in too many negotiations. second, with regard to china, we know in pennsylvania all too well that, when china cheats, pennsylvania loses lots of jobs. that has been happening for far long. when countries cheat, whether it is china or any other, we have to make sure that we go after them with everything that we have. number one, we should make sure that the administration will insist on quick and definitive action on behalf of steel and aluminum producers to make sure that they have a level playing field. and finally, we need to hold companies accountable when they ship jobs overseas. when you ship jobs overseas, there should be a consequence when you seek a federal contract. when companies outsource jobs, they should pay a tax for moving those jobs overseas. when a company does

might terminate nafta. and threatening a government shutdown if he does not get the money to build his what with mexico. those are the disruptive forces we have to contend with. anna: president trump pushing some of those buttons as we did last hour in terms of the themes the markets have been nervous around and the theme of media and the way the media represents him and defending his handling protest.arlottesville let's put up the risk radar and show you where we are expected to go in the u.s. features, the futures suggest we will be down and that is in keeping with what you are saying with everything we heard from president trump, the end of nafta and the shutdown, all that back in the mix and the peso falling by .4 of a percent. giving more ground. to again theillion construction of the wall. haysis hot air, kathleen said he has boxed himself in. at dollar in his comeback 109.47. the yen strengthening ever so slightly on the nafta warning coming from donald trump. let's have a look at the bond market. lo

wants to significantly overall nafta. will we still be talking about a free trade agreement in the end? sophie: of course nobody knows what nafta is going to look like after the seven rounds of negotiating the terms. but one thing is clear -- trump wants to do everything to stop imports from pouring into the united states. and wants american companies to sell more goods to mexico and canada. in order to push the united states into a general position of trade, these countries would have to change significantly. javier: sophie, thank you very much for the analysis. speaking of things that need to change, germany's top companies are run by men. that is a fact, considering only 6% of members of supervisory boards in this country are female. germany's minister for women's affairs is now threatening the firms. they either perform better next year or the ministry will take action with legislation, an idea that splits the elite of german management. reporter: he never uses think of quarters for women in corporate boardrooms as an

totally well you know what point to even to trump wants to step out of nafta totally the u.s. and canada and mexico are prepared for that they have heard this type of right they were rhetoric and if something was to happen yeah the waves would be felt but we saw what happened today after the speech of with donald trump yesterday in phoenix that lutie the canadian dollar didn't budge and mexico yes the peso was hit a little bit because it is the poorer of the three economies but in the long run with mexico really suffer if nafta disappeared maybe it would go through some bumps but whatever happens to nafta something would have to come along to replace it but as for now it just seems to be a lot of talk you talk that isn't hot air god for bad from our president thank you very much alex and high level having us from toronto. the merger deal worth eighty five point four billion die. dollars between eighty and teen time warner may have hit a snag in brazil is one of the world's largest telecoms and time warner owns warner brothers h.b.o. c.n.n. just to name a few and a sticking poi

the us is warning substantive changes to the nafta agreement, notjust substantive changes to the nafta agreement, not just tweaks, substantive changes to the nafta agreement, notjust tweaks, so experts are saying that when they wa nt to experts are saying that when they want to compress changes that takes yea rs want to compress changes that takes years in want to compress changes that takes yea rs in two want to compress changes that takes years in two months, that will take be difficult to achieve. it is a 23—year—old trade deal, so president trump says it has been imbalanced and he wants to bring changes to it. and abroad is calling this as the dating game between the three countries involved. which country has —— everyone is calling this a speed dating game between the three countries involved. which country has the most at stake? it is a top priority for the us administration but the issues at stake had to do with things like dispute resolution. what happens when one of the countries, canada, mexico, orthe us, has an issue with dumping or subsidies, how will they resolve t

canada and mexico have started renegotiating nafta. among the different issues are canadian dairy barriers. donald trump as a candidate constantly called nafta the worst trade deal in history. if negotiators are able to come up with a new deal it would still need to go through congress. joining me now is an economist and the director of a think tank. thank you for taking the time to speak to us today. thed you run us through trump administration reasons for renegotiating the steel. -- this deal? >> trump on the campaign trail has claimed that nafta is a very bad deal for the united states. for u.s. workers in particular and he has faulted the nafta trade deal for much of the trade deficit that the united states has and in turn he believes this is responsible for the loss of jobs in the manufacturing sector. i think there's a lot of wrong assumptions in here but now he is the president and so she has started a renegotiation of that agreement. >> when he says that nafta is tilted against the u.s., that's not the case. >> i think there a

., such as treaties like nafta. from this point of view i call your attention to an editorial in today's wall street journal. at the core of the controversy is the role of trade remedies. these are provisions in u.s. law that allowed the u.s. to remedy foreign trade practices or something that may threaten the nation's security. these are enacted by congress over decades, while they are an accepted pillar of u.s. trade policy, many believe at the end of the day they don't benefit the u.s. economy. so, they have continued and contained provisions that allow the executive, the president, to provide a restraint by tempering their reach and the impacts the remedies in the national interest. now, we are in a position where the president seems not to be interested in restraint. i quoted business group on monday. for decades, washington has allowed other nations to wipe out millions of american jobs to unfair trade practices. wait until you see what's up for you. today, we have a panel representing different viewpoints. a

let's turn to nafta. you are on the subcommittee for trade. in what the are you united states is trying to accomplish in this negotiation? rep. reed: one of the great reforms we recently did was the negotiation changing how they will be done going forward. the house oflf, representatives and the senate will be intimately involved in these negotiations. i am eager to be a part of this process, to get nafta modernized for the 20th century. it started the negotiation, we didn't even have widely used cell phones. right that we update the agreements and modernize them for the american worker. everyone we have spoken to seems to agree with that. but how will you personally judge success in these negotiations? themuch will they tie it to trade deficit in mexico? john: how i view this, where does it put the american worker? on an even playing field? then i can be some order of the negotiated policies. that is where we will end up. we have great partners in canada, mexico, and i'm looking to use nafta as a platform to negotiate gold standard language a

will probably terminate nafta at some point. while further discussions are set to start on september 1st in mexico city, are the negotiators wasting their time. let's go now to former trade u.s. representative ambassador ron cook and a fox business exclusive. no better person to ask this question. ambassador, is nafta as it stands a good deal for the united states or does it need tweaking or completely tearing ashley is yes. now, understand being a texan, a former mayor of dallas, we see trade very differently than my in-laws do in detroit and pittsburgh. but on balance, i believe nafta has not only been good for the united states, but it's been good for north america and the biggest winners are consumers.plus year, and we believed in our administration that it needed updated, and that was part of the rational for including mexico and canada as part of the transpacific partnership. so you effectively have an updated and modernized nafta agreement embedded within the transpacific partnership. ashley: critics, though, would argue,

before nafta, the u.s. had a slight surplus and now there is a $63 billion trade deficit, something the u.s. wants to change with these negotiations. we saw him in those images, there with the canadian prime minister, justin trudeau, on the campaign trails. since his election, president trump has had a lot of heated rhetoric, but recently, things have been toned down. >> yes, i think he realizes that if they can negotiate it in a way and redo this agreement in a way that benefits the u.s., it is better than throwing it out. of course, these will be very complicated talks on a number of issues, but reducing that trade deficit with mexico is something he wants to see. at this point, he has been much more measured in his rhetoric about the deal. anna: jodi schneider, thank you, joining us from hong kong. michael bell and tim haywood are still with us in london. mike, looking at the constant news flow around nafta, there was a lot of rhetoric during the campaign. some of it has died away. i spoke to an fx analy

so both sides took their arguments to a nafta panel and they we re arguments to a nafta panel and they were created to hear these kinds of complaints and repeatedly the americans lost. so now the us wants to get rid of the panels altogether and find another way to resolve conflicts. not so fast. the canadians say they will quit the nafta talks if these panels go. so what now? well, nafta negotiations will be testy and will take time and these panels will be a sticking point. mexico says it wants them to stay and even if the americans get their way they will still need to find a way to settle arguments that may come up in the future. if one thing is clear from this, may come up in the future. if one thing is clearfrom this, even friends disagree. the executive director of the apex secretary joined me the executive director of the apex secretaryjoined me earlier the executive director of the apex secretary joined me earlier and the executive director of the apex secretaryjoined me earlier and we ask if it was time to modernise this pact. most people would agree it does. since it was put

we talked about nafta at the start of the programme. and clearly, president trump's threats to scrap it entirely. it will be interesting, given what we have also heard this morning, that the chinese great wall motor company are asking for a meeting with fiat chrysler, will trump be happy about this? well, i don't know, is trump happy about anything at the moment? you would have to say not. this is another thing he will want to try to protect, the great us manufacturing economy. it is about the headline. not necessarily the intricacies of the deal. the psychological element? another chinese corporate raider coming inforan another chinese corporate raider coming in for an american company, chrysler. you look at all the cars, the emotion behind that brand within the emotion behind that brand within the united states. whether trump de fa cto the united states. whether trump de facto dismisses it because he doesn't want to see the chinese taking over such a huge part of americana. moving forward, we look at it in brexit, trump, china, trade

nafta wasn't written that way. that wasn't the intent of nafta, to help workers. quite the contrary. the intent of nafta was to give corporations and upper hand. that is what they got. thank you for being here today. i would like to ask about wage growth and whether you see signs that wage growth may be improving? i read the economic policy institute said that workers at the bottom 10% have had the strongest pay growth in the last year. i'm just curious for your outlook. and if there is improvement, why is that happening? >> i think there is some improvement. it's not what it should be, but it is some improvement. the reason is, as you reach full employment, there has to be an upward push on wages. full employment used to be considered 5%. but then in the 1990's, we would lower than that. now the unemployment rate is below that. technically, we are at full employment. but because wages aren't responding quickly, there is something askew. you have probably more people that are not in the workforce, more people that are worked part-time that want to work full-time.