Renegotiating NAFTA — in 14 easy steps

NAFTA explained

President Trump is usually one step closer to getting a brand new trade deal with Canada as well as Mexico.

although he has many, many more steps to go.

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On Wednesday, Trump’s trade team officially begins renegotiating the North American Free Trade Agreement, the three-nation pact of which went into effect in 1994.

A brand new NAFTA will probably take more than a year to enact, as well as possibly longer, depending on negotiations as well as political forces inside the three countries.

Here are the additional milestones required by law, according to the Trade Benefits America Coalition, a group supported by dozens of large business associations as well as Fortune 500 firms, including Microsoft (MSFT, Tech30) as well as Walmart. (WMT)

This specific is usually where we are right now

1. Talks begin Wednesday. The first round is usually in Washington, as well as future ones will be in Canada as well as Mexico. Talks are supposed to go until about the end of the year or early 2018 — assuming all three sides come to an agreement, which is usually not guaranteed.

Before Trump can sign the deal

2. 180 days before signing the deal, Trump’s team must submit a report to the congressional committees on the potential improvements to U.S. trade law.

3. 0 days before inking This specific, Trump must notify all of Congress about his intent to sign the deal. On the same day he must give the details of the agreement to the U.S. International Trade Committee, an independent panel of judges.

4. 60 days before signing the deal, Trump’s team must publish the text on the website of the U.S. Trade Representative.

Related: Trump spells out his wish list for NAFTA

Before Congress gets the deal

5. President Trump can sign the deal.

6. 60 days after entering the agreement, the administration must provide a public description of the improvements to U.S. laws in order to bring the U.S. into compliance with the deal.

7. 105 days after Trump signs This specific, the ITC publishes a report assessing the economic impacts of the revised deal.

8. 30 days before submitting the bill to Congress, Trump must send a statement which includes the final legal texts of the deal.

9. Before introducing the bill to Congress, the administration is usually required to submit a review of the deal’s impact on employment as well as the environment, as well as a plan for implementing as well as enforcing the agreement.

Related: Japan as well as the European Union ink a brand new free trade deal

After brand new NAFTA is usually introduced to Congress

10. 45 days after submission, the House Ways as well as Means Committee must report the bill, meaning This specific needs a majority vote inside the committee to go to a full House vote. The committee could also suggest amendments or additional tweaks to the trade deal.

11. 15 days after of which, the full House of Representatives must vote on the bill.

12. 15 days after of which, Senate Finance Committee must report the bill.

13. 15 days after of which, the full Senate votes on the trade deal.

14. 30 days before officially entering into the agreement, Trump must send a letter to Congress saying he’s determined of which the United States has taken measures necessary to comply with the agreement.

Related: Spurned by Trump, Mexico as well as China talk up potential trade deal

Take a breath, because even of which timeline comes with caveats.

All those days Congress has to consider the brand new NAFTA are legislative days — not real, calendar days. In total, Congress gets 0 legislative days, which could in reality stretch over several months.

There’s more. The governments of Mexico as well as Canada must also ratify the agreement while This specific is usually going on. If they don’t ratify This specific, there’s no brand new deal.

of which’s important to remember because Mexico holds presidential elections in 11 months, as well as the leading candidate, Andres Manuel Lopez Obrador, a Trump critic, has threatened to get tough on U.S. trade. This specific’s unclear what he plans to do, although if he gets elected, the official U.S. timeline for renegotiating NAFTA would certainly likely get wrapped up in Lopez Obrador’s presidency.

sy88pgw (brand new York) First published August 16, 2017: 12:07 AM ET

Renegotiating NAFTA — in 14 easy steps

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