US: What to make of the 17 May deadline for Congress? – Nomura

Analysts at Nomura suggest that this week will be important for NAFTA renegotiations with Thursday, 17 May marking the deadline described by Speaker Ryan for an agreement to be sent to Congress in order to have enough time for consideration before the next Congress takes over in 2019.

Key Quotes

“We think finalizing the full text of the new agreement by 17 May is unlikely. That said, negotiators could plausibly reach a less specific agreement by that date. Even if negotiators fail to meet the deadline, we do not think it would materially lower the likelihood of an eventual agreement passing Congress. However, it could complicate the process.”