Nafta Negotiations: Where Do We Go From Here?

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"Wow, I made OFF THE RECORD COMMENTS to Bloomberg concerning Canada, and this powerful understanding was BLATANTLY VIOLATED", Trump tweeted. Further, the Star reported that Trudeau's team "saw them as confirmation of its suspicions that Trump's team has not been truly planning to compromise" - and raised the quotes to American negotiators at the beginning of Friday's meeting.

"We respect Mr. Trump hugely - he's the President - but he says things that should not be read as final statements", he said. The Toronto Star obtained off-the-record remarks Trump made in an interview with Bloomberg News in which the president admitted that he would not make compromises in order to secure an agreement.

"We are replacing Nafta with a attractive, brand new US-Mexico trade deal", Mr Trump told supporters in Evansville, Indiana, on Thursday night.

The United States and Canada have only a few days to work towards a possible new agreement.

In a written statement, the USTR says the talks with Canada continue but "there have been no concessions by Canada on agriculture".

Trump argues that Canada's hefty dairy tariffs are hurting US farmers, an important political base for his Republican party.

Just as he was wrapping, the USTR's office released a statement that said the USA was submitting a formal notice to Congress, as required 90 days before a deal can be signed, that it has a deal with Mexico that Canada could later join. "It may be by Friday or it may be within a period of time", U.S. President Donald Trump told Bloomberg Television. Apprised of what Trump said, the Canadian delegation raised his comments at the start of Friday's session.

Canada was also insisting on keeping the NAFTA cultural exemption that allows Canadian governments to maintain a system of subsidies and regulations created to support "Canadian content" over foreign content.

Trilateral talks were already underway at the technical level and Mexican Economy Minister Ildefonso Guajardo was expected to soon rejoin talks with U.S. Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland, possibly later on Thursday, people familiar with the process said.

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"Over the past number of days we've had some very positive conversations on a broad range of issues and we have been very clear about where our red lines are, we've been very clear about where we think there's room for give and take", Trudeau said. "But I will tell you, the relationship will be damaged much longer than it will take the ink to dry on a new NAFTA deal".

"We're not there yet", she cautioned. I think, at this point, we know what each side needs and we're working hard to find a way.

Throughout the day Friday, it became increasingly clear that Canada and the US would be unable to reach an agreement.

USA markets opened slightly lower on Friday, while MSCI's gauge of world stocks was down 0.25%.

Also, Mr. Trump turned up the heat on the European Union and the World Trade Organization (WTO).

"We'll see if Canada can be part of the deal", Trump said on Monday, though he expressed an openness to a separate bilateral deal with Canada and pledged to terminate the existing NAFTA agreement after deals are reached with both countries.

The United States wants to eliminate Chapter 19, the mechanism that has hindered it from pursuing anti-dumping and anti-subsidy cases.

As negotiations went down to the wire earlier on Friday, Trump, who has been highly critical of Canada's managed dairy market, confirmed he was taking a hardline stance in the talks. Canada's 11,280 dairy farmers form one of the country's most influential political lobbies.

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