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Yen, Peso Pop After Ross Targets NAFTA, Japan For Trade Deals

Friday, March 10, 2017 9:42
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(Before It's News)

The yen and the peso jerked higher after
President Trump’s commerce secretary Wilbur Ross commented that he
expecte to start renegotiating NAFTA within two
weeks
and that Japan will be high on the list for
trade agreements
.

As Bloomberg reports, discussions are under way with the
Finance, Ways and Means committees and the expectation is
that “in the next couple weeks” the U.S. will issue the 90-day
notice trigger legally required consultations with
lawmakers,
Commerce Secretary Wilbur Ross tells
journalists in Washington. Ross spoke at a press briefing
with Mexican Economy Secretary Ildefonso Guajardo
Villarreal.
The revamping of Nafta could result in either
two bilateral agreements with symmetrical conditions or a fresh
trilateral deal, says Ross, adding the U.S. is less concerned with
the form than trying to get the right substance, and that it is
premature to discuss specific details of Nafta
talks.
The border adjustable tax is still a concept, and
there’s been no formal proposal; whatever is decided will probably
be a “large component” of the House tax bill.

Additionally, Ross said that Japan was to be a high
priority with regard a new trade agreement. 

The result was a kneejerk higher in the Yen and
peso…

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width="500" />

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Source: http://silveristhenew.com/2017/03/10/yen-peso-pop-after-ross-targets-nafta-japan-for-trade-deals/

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