President Donald Trump’s new trade deal with Canada and Mexico is a “disgracesment” for our nation, says an influential business group.
“It’s a disaster for us,” said Michael Froman, chairman of the National Association of Manufacturers, in a statement to CNBC.
“It’s going to hurt us, it’s going for our workers, it will hurt the U.S. economy.”
In an interview with the Wall Street Journal, Froman said he believes that the deal will be “worse than NAFTA,” which was enacted after World War II as a result of a trade war between the United States and Great Britain.
Trump signed the deal on Thursday, with Canada following days later.
It includes changes to NAFTA that were aimed at boosting U.K. exports and preventing U.N. trade tribunals from blocking the pact’s enforcement provisions.
The trade pact would apply tariffs on nearly a quarter of U.s. exports, including goods, machinery, agricultural products and services.
Froman’s group has said the agreement will hurt U.T.
Os jobs and hurt U,S.
But froman said it will also hurt American workers.
He said that NAFTA would have helped U.O. workers in many ways, including by allowing the U,W.
to take back a fair share of U,T.O.’s foreign trade in goods and services, and would also have helped us protect U.U.S., the top exporter to Canada, from foreign trade barriers.
Froman’s comments come as the president and his top trade adviser, Peter Navarro, have made trade issues a key part of their policy and rhetoric.
Fromant said in the interview that the president’s goal is to have the agreement “passed by the end of the year” to avoid a prolonged negotiation.
The U.W. and Canada are the only major trade partners with the United Nations, but the agreement has faced resistance from other nations, including from Mexico and the European Union, which has threatened to withdraw from the agreement if it does not meet all of its commitments.
“The president has repeatedly made the point that if we do this well, it can happen,” Froman told the Journal.
“If we don’t, we’re going to be in trouble.
This is not a bad thing.
It’s a very important deal.
We’re going in the right direction.”