Saturday, 20 October, 2018

US, Canada agreement on NAFTA 2.0 appears to be in reach

4 takeaways from the U.S.-Mexico trade deal Trump replaces NAFTA and triumphs -- New trade deal with Mexico is YUGE win for both countries
| 01 September, 2018, 19:22

US Treasury Secretary Steven Mnuchin said on Tuesday in an interview with American broadcaster CNBC that dealing with China is in the third category of Washington's foreign trade objectives.

After the United States and Mexico reached their deal to replace the North American Free Trade Agreement, officials said talks with Canada were expected to begin immediately in the hopes of reaching a final agreement by Friday.

Of the $149 billion worth of auto parts imported into the United States previous year, 48 percent came from Mexico and Canada, according to the U.S. International Trade Administration.

While speaking in Northern Ontario, the Prime Minister insisted that while there is a "good possibility" that a fair conclusion to the talks will be achieved by Friday, Canada is "standing firm" on certain concessions.

President Trump also suggested he might leave Canada out of the new agreement - which would be called the "United States-Mexico Trade Agreement".

But sticking points remain with Canada, including its dairy market and how to handle some disputes among NAFTA partners. Even if more plants are built in Mexico, jobs will grow in the United States due to high levels of integration, with studies showing that USA parts make up 40 per cent of the value of every Mexican-built vehicle exported to the United States. "I am not concerned right now for Canada's position", Bruce Heyman, a US ambassador to Canada under Barack Obama, told BNN Bloomberg television. But Canadian officials said USA negotiators are still working toward a three-way agreement.

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

Trump also called on Canada to negotiate fairly, especially when it comes to dairy products.

Quebec, a province in which the dairy lobby is particularly prominent is now facing a provincial election.The Quebec Liberal Party leader Phillippe Couillard warned the federal government of political consequences if any concessions are made on supply management. On Tuesday, Trudeau said he would defend Canada's dairy farmers. Second, it gives the United States top billing, which could be interpreted as an affront to Mexicans and Canadians. Asked which one he likes better, he said, "I like 'em both the same".


The Canadian government effectively sets production quotas and the price of milk, which raises prices to consumers but provides farmers with a stable income.

The system has been in place since the 1970s and has survived several attempts to undo it.

"We'll see what happens".

"We think auto prices will rise", Krebs said in an email.

Joe Kinahan, chief market strategist at TD Ameritrade in Chicago, said: 'The question most people have is can the markets go higher? Canada can sign on up until that ratification, which could be at the end of November. That authority was for a trilateral deal involving all three NAFTA partners, not a bilateral pact between just two of them.

And his administration started a ticking clock, saying it would notify Congress of a deal on Friday whether or not Canada was involved.

News of the U.S. -Mexico tentative deal has raised concerns the trade ship has left port, with Canada still at the dock. Canada has used the provision to challenge United States anti-dumping and countervailing duties.

But Washington backed away from a strenuously-opposed provision to require the three nations to renegotiate the trade pact after five years. If after the review there is no consensus to renew, a review will be conducted every year until disagreements can be worked out and the parties agree to then renew for another 16 years.

"It's a lot of rhetoric, but ultimately he's doing the rhetoric that he's been doing since the beginning, that he'll slap on tariffs if we don't make some major moves on the importing of their agricultural goods".

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