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Economy

Watch: Opening statements from US, Canada, and Mexico representatives in trade renegotiation

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Representatives from the United States, Canada and Mexico will kick off efforts on Wednesday to renegotiate the North American Free Trade Agreement (NAFTA) in Washington.

U.S. Trade Representative Robert Lighthizer, Canadian Minister of Foreign Affairs Chystia Freeland, and Mexican Secretary of Economy Villarreal will deliver their opening statements.

At the crux of the talks, initiated by the U.S., is President Donald Trump's concern that the U.S. has not been fairly treated under NAFTA, and China has been able to use the agreement as a backdoor to slip its goods into North America. One sore point for Trump has been that Mexico is running a more than $60 billion trade surplus with the U.S.

The sectors that benefited the most from NAFTA are the automotive, agricultural and energy industries and they stand to lose the most of it falls apart. The automotive industry supply chain spans the three countries, with Mexico now a huge producer of both cars and parts.

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