By Nacha Cattan and Eric Martin / Bloomberg
Mexico’s top trade negotiator doubled down on threats to break off talks to rework Nafta, saying his country will walk away if the U.S. insists on slapping duties or quotas on any products from south of the border.
“The moment that they say, ‘We’re going to put a 20 percent tariff on cars, I
get up from the table,” Mexican Economy Minister Ildefonso Guajardo said in an interview. “Bye-bye.”
This doesn’t mean, Guajardo emphasized, that Mexico would be looking to scrap Nafta. But by saying it refuses to even discuss the kind of tariffs President Donald Trump has long trumpeted, the country is ratcheting up the pressure on U.S. negotiators and effectively daring them to pull out of the 23-year-old pact.
Trump has lambasted the accord — which also includes Canada — as unfair and responsible for a “massive” imbalance favoring Mexico. It last year shipped $294 billion worth of goods north while the U.S. sent $231 billion south.
Mexican officials have said they expect official talks to start in June.