Finance

US, Canada to try to salvage three-country NAFTA

US, Canada to try to salvage three-country NAFTA

NPR: "Why The Auto Industry Is Paying Special Attention To NAFTA Negotiations" - "U.S. and Canadian trade negotiators are scrambling today to come to a compromise on a new NAFTA deal".

Canada's consumer price inflation jumped to 3% in July on the back of the airfare component, but was expected to moderate back to 2% by early 2019, the BOC said.

"We need to keep the Chapter 19 dispute resolution because that ensures that the rules are actually followed".

President Donald Trump warned on yesterday that Canada would be the loser from any failure to strike a deal and said that "over the next day or two we'll see what happens".

After the USA and Mexico reached an agreement on new rules for auto trade, and tougher protections for workers and intellectual property, talks with Canada were hung up on the mechanisms used to resolve disputes among partners, and on Ottawa's strictly controlled dairy sector.

That too was entrenched in the original Canada-U.S. free trade deal that preceded NAFTA.

"It's hard to know if there's any real issue, or what Canadians should be pushing back against", she said.

Mexico is also taking on a leadership role in the Alliance of the Pacific, a grouping of Latin American countries linked by free markets, while Canada past year struck a comprehensive trade deal with the European Union.

Negotiations over a new North American trade deal are scheduled to resume Wednesday morning in Washington, clouded by uncertainty over Canadian reaction to President Trump's hardball negotiating style.

The dispute over the new U.S. -Mexico trade deal looks set to continue with Canadian Prime Minister Justin Trudeau trying to play hardball in the face of conservative criticism.

Canada is insisting on preserving a dispute-review procedure that the United States and Mexico have agreed to eliminate.

He said the loonie will suffer if there is no deal and will drift lower until there is more concrete news on the continental free-trade pact. However, like the sunset clause, a NAFTA dispute resolution process is only meaningful to Mexico (or Canada) if the U.S.is a good-faith participant.

Canada and the USA remain far apart on several issues including dairy, culture and the Chapter 19 dispute resolution mechanism.

A stronger us dollar pushed Canada's main stock market lower and hurt commodity prices in the first day of trading since the holiday weekend.

Talks on renegotiating the NAFTA began in August 2017 as Trump threatened to withdraw from the trilateral trade deal, which he claimed harmed USA industries and jobs.

The goal of this week's talks is to reach a deal by December 1 so Congress can give its approval to a revised three-country NAFTA before Mexico's new president takes office.

The flags of Canada, Mexico and the USA are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City, Mexico, March 5, 2018.

Benjamin Reitzes of BMO Capital Markets wrote in a note to clients that Wednesday's statement makes it clear the NAFTA talks are biggest issue for markets and the Bank of Canada at the moment.

But in recent days he has become more aggressive towards Canada on Twitter - bluster that some trade experts are dismissing as a predictable negotiating tactic. "But I think certainly we were always intending to take as long as it was going to take", said a government source who declined to be identified given the sensitivity of the situation.


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