As clock ticks, Canada and U.S seek ways to salvage NAFTA

Wall Street traders send Nasdaq to record high following new trade agreement between US and Mexico

Wall Street traders send Nasdaq to record high following new trade agreement between US and Mexico

Otherwise, the USA and Canada can make their own separate trade agreement, while Canada and Mexico can choose to have another bilateral deal on their own as well. Some people weren't sure if it was a good meeting, but I was.

Several trade analysts points out that under the current U.S. Trade Promotion Authority provisions, Trump hasn't been given the authority to negotiate a two-way deal with Mexico that excludes Canada.

Canadian Vehicle Manufacturers' Association president Mark Nantais said it was time for the Canadian government, which has been excluded from the talks between the USA and Mexico in recent weeks, to get back to the table. As is often the case, in this administration and other administrations, when you walk out of the negotiations, until something is committed in detail to writing, both sides can think they agreed to very different things.

In Trump's announcement Monday, he said the new agreement would be called the United States-Mexico trade agreement and would replace NAFTA, which he said had "bad connotations" for the United States.

She was scheduled to meet later Tuesday with her Mexican counterpart, Economy Minister Ildefonso Guajardo. Green cited an API report from 2017 that asserted NAFTA supported 10.3 million US natural gas and oil industry jobs, while also providing benefits to consumers, energy security and open markets.

Indeed, Freeland's office quickly announced that she is flying to Washington tomorrow, cutting short a European trip, for NAFTA talks. But that doesn't do anything to clear up the other sticking points that have clogged NAFTA talks for more than a year, notably including Trump's longstanding demand for better access to Canada for USA dairy exports.

The president says he will be calling Canadian Prime Minister Justin Trudeau.

Trudeau spoke to Pena Nieto on Sunday and shared their commitment to reaching a successful conclusion of NAFTA "for all three parties" the prime minister's office said.

Canada had been expecting the USA and Mexico to focus mainly on their bilateral issues, but they agreed on matters including intellectual property, digital trade, labour and financial services. To intensify the pressure on Ottawa to agree to his terms, the president threatened to impose new taxes on Canadian auto imports. "And we are very, very excited about it", Trump said.

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The Canadian Automobile Dealers Association called the U.S. -Mexico deal a "major breakthrough" and that Canada would inevitably join NAFTA.

"The appearance of Canada as an irrelevant after-thought in NAFTA is a US frame designed exclusively to wrestle concessions from the Canadian side". But in the last five weeks, Washington and Mexico City held talks to resolve their bilateral issues, especially on the auto industry rules, without Ottawa.

"This was an important step to moving forward on renegotiating and improving NAFTA".

According to Green, Lighthizer believed the oil and gas industry was looking for "guarantees" that their investments, especially in Mexico, would be safe and protected by the USA government.

"I think Canada very much wants to make the deal".

The United States relented on its demand for an automatic expiration for the deal, known as a "sunset clause".

Lopez Obrador, a leftist free-trade skeptic who won a landslide election victory on July 1, said he considered it a good deal for Mexico.

He then delivered his ultimatum to Canada.

"Canada now appears to be in a near-take-it-or-leave-it situation with respect to spinning the U.S. -Mexico deal into a broader agreement on a revamped NAFTA".

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