With negotiators holding a fourth round of talks near Washington, the U.S.is seeking several major changes to NAFTA, including to a rule governing the origin of vehicle parts to avoid import taxes that could be hard for Canada and Mexico to accept.
"In terms of trade, the USA sells more to Canada than it does to China, Japan and the United Kingdom combined".
"As you've seen in the media, from time to time he's expressed a total willingness to depart from Nafta, should it become necessary", Ross said.
Washington D.C.: United States President Donald Trump has said that negotiations on the North American Free Trade Agreement (NAFTA) are going to be tough as he met Canadian Prime Minister Justin Trudeau at the White House. But U.S. Trade Rep. Robert Lighthizer declared at the outset that the U.S. wouldn't be satisfied with anything but a major overhaul.
Trump added that a "very creative" deal was still possible to benefit all three countries. "But I've been opposed of NAFTA for a long time in terms of the fairness of NAFTA". Scheduled talks in this session have been extended by two days to Tuesday.
The panel was "dedicated to ensuring these negotiations are successful", Chairman Kevin Brady said while Trudeau made a rare visit to the committee.
"He recognizes that that's one of the fundamental issues being updated", Reed said.
Rep. Richard Neal of MA, the ranking Democrat on the committee, said he hopes NAFTA will expand Canadian market access for US cultural industries and "will be an opportunity to update intellectual property rules".
Higgins said he's hoping a new NAFTA would improve the movement of commerce at the U.S.
"To rebalance will require substantial change and not mere tweaking".
Rules of origin will be discussed by negotiators today, Sunday and Monday, according to an agenda obtained by Bloomberg.
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On the Bombardier issue, he said: "I highlighted to the president how we disagreed, vehemently, with [the US} decision to bring in countervailing and antidumping duties against Bombardier".
Negotiations have struggled to gain momentum as the U.S. Chamber of Commerce cautioned that the Trump administration's impractical requests could harm the talks.
His comments marked the second broadside the chamber has launched against the Trump administration's stance on NAFTA in less than a week.
Trudeau was more optimistic about the future of the 23-year-old trade deal. "But let me be forceful and direct: There are several poison pill proposals still on the table that could doom the entire deal".
Alfredo Coutino, Latin America director at Moody's Analytics, wrote in a report that the probability of a breakup of the 1994 trade agreement has increased.
"My optimism towards Nafta, towards a renegotiation, isn't based on personality or reading political tea leaves".
But U.S. and Mexican corporate chief executives gathered in Mexico City said they would be better off with no NAFTA than be saddled with a "bad agreement".
Levy pegs the chance of NAFTA's survival at less than 50 percent.
"What is the administration going to do?"
"We don't hope it will, we don't desire that it will, we don't believe that it will, but it is at least a conceptual possibility as we go forward", Ross said. "We have to protect our workers, and in all fairness the prime minister wants to protect his people also". "We'll see if we can do the kind of changes that we need".
Information for this article was contributed by Josh Wingrove, Eric Martin, Andrew Mayeda and Gabrielle Coppola of Bloomberg News and Mark Stevenson and Paul Wiseman of The Associated Press. On the campaign trail, he called NAFTA a job-killing disaster.