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YORK air jordan 1 australia , Aug. 17 (Xinhua) -- As the renegotiation of the North America Free Trade Agreement (NAFTA) is underway in Washington D.C., other U.S. trade partners are also watching it closely, which might be a template for the U.S. government's future trade talks.


NAFTA renegotiation "could be the starting point for negotiations of other countries," Alan Deardorff, professor of international economics and public policy at the University of Michigan, told Xinhua.


There may be a whole bunch of new issues introduced into the trade agreement jordan 10 retro australia , he said.


According to U.S. Trade Representative Office, the NAFTA renegotiation aims to reduce the U.S. trade deficit and includes new content, such as the digital economy, and labor and environmental obligations in the 23-year-old trade pact among the Unites States, Canada and Mexico.


It's the first time that the office has included the deficit reduction as a specific objective for NAFTA, reflecting U.S. President Donald Trump's long-time belief that the bilateral deficit is a sign of a broken trade pact air jordan 10 australia , which many economists see as groundless.


"Trade deficits are not the result of trade agreements, not the result of trade barriers at home or abroad," Deardorff said, explaining that the situation stems simply from spending versus income in a country.


The U.S. trade deficit is "a very direct reflection that we spend far far more than our income, we have to buy abroad because we are buying more things than we produce," he added.


Statistics show that the United States currently runs trade deficits with nine of its 10 top trading partners. Last year www.cheapjordansaustralia.com , it saw a trade deficit of 728 billion U.S. dollars, including 146 billion with the European Union, 63 billion with Mexico. and 27.7 billion with South Korea, one of the 20 countries that have free trade agreements (FTAs) with it.


Famous for his tough in trade rhetoric, Trump has vowed to withdraw or amend any trade agreement that he thinks are widening the U.S. trade deficit and hurting U.S. manufacturing.


Describing the U.S.-South Korean FTA as a "horrible deal", Trump has called for a renegotiation of the five-year-old pact to narrow the trade deficit. In mid July jordan shoes for sale australia , South Korea accepted a U.S. request to convene a special session of the joint committee on their bilateral agreement.


"I do think the NAFTA renegotiation will set certain limits for a renegotiation with South Korea," said Justin Fendos, professor at Dongseo University in South Korea and the associate director of the Tan School at Fudan University, in an interview with Xinhua on Wednesday.


Fendos believed "Trump is probably the only one who is really pushing