NAFTA: Today’s agreement is a huge step in the right direction - Rabobank

President Donald Trump announced on Monday morning that the United States and Mexico have reached a trade agreement, and that he will be "terminating" the North American Free Trade Agreement.

A Canadian Foreign Ministry spokesperson said earlier on Monday that Ottawa was encouraged by "progress" between the U.S. and Mexico, but cautioned any new version of NAFTA would need to be beneficial for Canada before being signed off on by officials.

Canada's foreign minister and NAFTA negotiator Chrystia Freeland is cutting short a trip to Europe to fly to Washington on Tuesday to try to restart talks.

"We appreciate the hard work officials are putting into negotiating a modernized Nafta", the chamber, the largest USA business lobby, said in a statement. The talks have appeared to...

The recent push for a deal is in part to have it signed before the new president takes office in December.

Ron Bonnett, president of the Canadian Federation of Agriculture, said noted that other issues, such as dispute settlement, remain unresolved.

The agreement between the U.S. and Mexico on Monday was a significant marker in the yearlong effort to renegotiate the trilateral trade pact, sweeping away key obstacles impacting the U.S. and Mexico that had held up trilateral talks. "Trump was trying to emphasize that he's prepared to leave Canada out, even though the Mexicans are making it clear that they would prefer a trilateral deal".

"NAFTA wasn't broken and now they are fixing it, and they are fixing it in a way that will break it, or at least make it harder to trade", Kirke said. "A lot of people thought we would never get here because we all negotiate tough". Mexican President Enrique Pena Nieto has urged Canada to rejoin the talks. Details on other issues including dispute resolution and US rules on government procurement remained unclear. Among the list of items to be hashed out by the negotiating teams will be the dairy sector, a thorny issue over which President Donald Trump threatened further tariffs on Canada's vehicle industry if Freeland's team does not concede on policies.

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A trade deal struck on Monday (Aug 27) between Mexico and the United States sent Wall Street soaring, with the S&P 500 and Nasdaq closing at fresh all-time highs. NAFTA reduced most trade barriers between the three countries.

Trump strongly campaigned on the issue of repealing or completely redoing NAFTA, a trade deal he argues was "terrible" for the United States and destroyed manufacturing in states across the country.

"I think it's an elegant name", Trump said at one point, and said the USA may, "just do a separate deal with Canada, if they want to make the deal".

"To obtain an agreement with Trump, the government of Mexico turned its back on a friend nation, Canada", Mexican analyst and columnist Alejandro Hope said on Twitter.

He announced the progress from the Oval Office, with Mexican president Pena Nieto joining in on speakerphone. But as the Oval Office pushback showed, there are more reasons than usual to be skeptical of Trump's sales pitch on the new free trade agreement.

"I desire, I wish that the part with Canada will be materializing in a very concrete fashion, and we can have an agreement the way we proposed it from the initiation of this renegotiating process, a tripartite", Peña-Nieto said through a translator.

But Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association, said that despite the increase to the rules of origin threshold, some companies may simply continue to buy parts from overseas and just eat the 2.5 per cent tariff. Moreover, the United States might first have to drop its higher tariffs on steel and aluminum imposed on Canada and Mexico earlier this year. "Canada's signature is required", spokesman Adam Austen said.

Canada has been absent from the NAFTA bargaining table since trilateral talks paused last spring.

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