Mexico to review rules of origin to help NAFTA renegotiation
MIAMI - Mexico's foreign minister says the country is "inevitably" set to review rules of origin when renegotiating the North American Free Trade Agreement, giving a boost to President Donald Trump's manufacturing push.
Foreign Relations Secretary Luis Videgaray said on Tuesday at an event in Miami that NAFTA has allowed Mexican industry to enter the U.S. market with lax rules of origin. The rules dictate how much U.S. content a product assembled in Mexico must have in order to escape tariffs when being imported into the United States. Currently set at 62.5 percent for the auto industry, that number could increase.
The Trump administration told Congress earlier this month there would be 90 days of consultations on the renegotiation of the 23-year-old pact before beginning talks with Canada and Mexico.