Canada voices optimism as it rejoins negotiations — NAFTA talks

Canada voices optimism as it rejoins negotiations — NAFTA talks

"We're really just back to where we always were".

She was scheduled to meet later Tuesday with her Mexican counterpart, Economy Minister Ildefonso Guajardo.

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

But the clock is ticking on the North American Free Trade Agreement.

Foreign Affairs Minister Chrystia Freeland will head to Washington today (Tuesday) to re-join face-to-face negotiations with the United States and Mexico on the future of the North American Free Trade Agreement (NAFTA).

In 2016, Canada created the Class 7 pricing agreement that has essentially restricted US exports of ultra-filtered milk used to make dairy products.

The White House has said Trump will sign the deal 90 days after notification.

And he vowed that Canada won't buckle on the issue at the NAFTA talks. The province is in the middle of an election campaign, and all of the major party leaders are urging him to stand firm. "Canada has to stand strong on the dispute resolution mechanism", she told BNN Bloomberg television on Monday.

Mexico agreed to eliminate a settlement system for anti-dumping disputes, NAFTA's Chapter 19. US farmers say that's a violation of Canada's trade commitments.


It isn't in NAFTA now but it's a big irritant for one key stakeholder: Donald Trump. And Canada's almost 300-percent tariff on imported dairy products has been an issue raised by Trump in the past. Domestic politics are a complicating factor. "We will defend supply management", Trudeau said.

"Admittedly, signs that the US administration is willing to negotiate and accept a compromise on trade will presumably be welcomed in China and Europe", said Oliver Jones, market economist, at Capital Economics in London. The second priority is dealing with the European Union.

"I said from the very beginning that no NAFTA deal is better than a bad NAFTA deal" said Justin Trudeau.

The NAFTA renegotiations had dragged on for a year before the tentative agreement with Mexico was announced Monday.

John Manley was Canada's minister of finance, also deputy prime minister, among his other posts. The trip included meetings with business officials to persuade them to invest in Nebraska in the future, as other companies in Canada and Europe have done after some of the governor's previous trade missions. "So it isn't like Canada's coming in at the last minute".

"We also know that the U.S. has backed down with respect to including a sunset clause". The U.S. dollar recovered ground against the yen, trading up 0.1 percent at 111.23 yen JPY=.

The deal must be reviewed by Congress and can not be finalized until at least November. Canada has taken steps to beef up protections against being a back-door for foreign steel in a bid to curry favor with the U.S.

However, the minimum wage in Mexico is $4.71 per day, while the federal minimum wage in the U.S.is much higher at $7.25 per hour. It's not quite clear if Trump was referring to the state of the negotiating process or to the flow of imports and exports among these countries. There's little signal they see it as a red line. "It will ultimately be paid for by Mexico". That will, in effect, exclude a larger number of shipments from the U.S.to Mexico from paying customs duties. However, political experts have noted that Canada has wiggle room on opening the quotas and rulings surrounding products entering into the country which would be perceived as fairer to United States dairy businesses. On Tuesday, he released a return analysis of Linamar, Magna, Martinrea and Exco Technologies shares, looking at where they would trade if the NAFTA situation ended with a "constructive deal conclusion".

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