US trade chief criticises Mexico and Canada over imports
America's top trade official pointed to the declining share of US-made parts and components in imports from Canada and Mexico to justify the need to take a "fresh look" at the North American Free Trade Agreement.
In a post to the US Department of Commerce's account on Twitter, Wilbur Ross said "the assumption was that American manufacturers of intermediate goods were big beneficiaries from trade with NAFTA, but with their share price declining, American companies are not benefiting nearly as much as once believed."
Even more alarming, in Ross's opinion, was the fact that there was only data on value-added in trade through to 2011.
"The trend of Canada and Mexico using more non-US made parts may mean even more bad news for American producers."
Despite his remarks, as of 1430 BST the US dollar was 0.60 lower versus the Mexican peso to 17.77, while against the Canadian dollar it was 0.16% lower at 1.2307.