Thomas J. Gibson, president and CEO of the American Iron and Steel Institute (AISI), issued the following statement in reaction to the President Trump’s recent announcement that the U.S. and Mexico had reached a bilateral understanding on NAFTA renegotiation:

“NAFTA has provided significant benefits for the steel industry. It has resulted in increased U.S. steel exports to Mexico and Canada, strengthened manufacturing supply chains, especially with key customer groups like the automotive industry, and has resulted in a stronger relationship with Canada and Mexico which has been beneficial in working together on the ongoing global steel overcapacity crisis. However, after 24 years, it is time for the NAFTA to be modernized and strengthened. We appreciate the administration’s hard work in reaching the bilateral understanding with Mexico announced today. In particular, we support strengthened rules of origin for autos that will further incentivize the use of North American steel in automobile production throughout North America. Today’s announcement by the United States and Mexico is an important first step toward ensuring continued robust intra-NAFTA trade and investment, but it is now critical that Canada be included in the negotiations and that a new trilateral agreement be reached to update and modernize the NAFTA.”