Black Friday Sale! Save huge on InvestingProGet up to 60% off

UPDATE 1-New U.S. trade envoy says to meet lawmakers on NAFTA, attend APEC meet

Published 2017-05-15, 07:37 p/m
© Reuters.  UPDATE 1-New U.S. trade envoy says to meet lawmakers on NAFTA, attend APEC meet
NG
-

(Adds Lighthizer comment, details on congressional meetings)

By David Lawder

WASHINGTON, May 15 (Reuters) - New U.S. Trade Representative Robert Lighthizer started work on Monday, vowing to help reverse a "dangerous trajectory" of U.S. trade and making plans to meet with lawmakers over the NAFTA trade deal and attend a Pacific trade ministers conference in Vietnam.

Lighthizer, a veteran trade lawyer and deputy USTR during the Reagan administration, was sworn into office by Vice President Mike Pence, capping months of delays and filling the last open seat in President Donald Trump's cabinet.

Lighthizer will be one of three key leaders on trade policy, working alongside Commerce Secretary Wilbur Ross and White House trade and industrial policy adviser Peter Navarro.

All three have vowed to help shrink chronic U.S. trade deficits through stronger enforcement of U.S. trade laws and to negotiate deals that boost U.S. exports without leading to jobs and factories migrating overseas.

"When my grandchildren, who are here today, talk to their grandchildren, they will say that President Trump permanently reversed the dangerous trajectory of American trade, put America first and made our farmers, ranchers and workers richer and the country safer," Lighthizer said. "I hope I can make some small contribution to that accomplishment."

Lighthizer, 69, will be the principal U.S. negotiator in talks expected to start later this year to revamp the 23-year-old North American Free Trade Agreement with Canada and Mexico.

On Tuesday, he will start two days of meetings with members of key trade-related panels in Congress, a spokeswoman for the Senate Finance Committee said. The meetings are required before USTR can formally launch the formal renegotiating process with a 90-day consultation period.

White House Press Secretary Sean Spicer also said Lighthizer will attend the May 20-21 meeting of trade ministers from the 21 Asia-Pacific Economic Cooperation (APEC) countries in Hanoi, Vietnam.

At that meeting, Lighthizer will face many counterparts who were signatories to the Trans-Pacific Partnership, the 12-country free trade agreement from which Trump withdrew in January. Some countries, including Japan, have been exploring options to revive TPP without the United States. the largest U.S. trading partner, also is a member of APEC, allowing Lighthizer an opportunity to meet his Chinese counterparts as the Trump administration seeks to build on agreements to shrink the U.S. trade deficit with China.

Last week, Commerce's Ross said the United States and China had agreed to take action by mid-July to increase access to Chinese markets for U.S. beef, financial services and liquefied natural gas.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.