Sask. trade minister "concerned" over NAFTA talks

01 September, 2018, 19:29 | Author: Gerard Cortez
  • Trump announces 'incredible' trade deal with Mexico

The legal ability to formalize the deal without Canada has been called into question - U.S. Congress, not Trump, has jurisdiction over trade and would need to ratify the new deal, while Mexico is soon to have a new president.

No full text has yet been provided.

Trump backed off from an initial USA demand for a "sunset" clause that would kill the pact unless it was renegotiated every five years and which businesses said would stymie long term investment in the region. It essentially branded the continent's auto sector too big to fail, saying "it is time to close the book on the modernization of NAFTA, and to implement an agreement that continues to provide billions of dollars in benefits to all three member states".

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

He said there is still an opportunity for "good deal" between the US and Canada.

Many economists and historians argue that the reality is more nuanced.

Trump is touting the deal as limited bilateral trade agreement with Mexico that allows for Canada to join in. "I think it has descended into the worst period in history from that perspective".

Of course, there are a few problems with this particular name.

The rush is on for Canada to get a NAFTA deal, though a key stumbling block remains. Second, it gives the United States top billing, which could be interpreted as an affront to Mexicans and Canadians.

This is the wild card.

Guajardo said if Ottawa and Washington fail to come to agreement, Mexico would have to return to the negotiating table to revisit some of the auto industry rules.

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"I think this is an extremely historic time", Lighthizer said Monday on a call with reporters.

The Mexico-U.S. discussions focused on crafting new rules for the automotive industry, which Trump has put at the heart of his drive to rework the pact he has repeatedly described as a "disaster" for American workers.

Canadian Foreign Minister Chrystia Freeland is headed to Washington on Tuesday to restart talks to replace the three-way NAFTA pact.

Losing Canada would be a problem for the United States.

The upbeat tone contrasted with Trump's harsh criticism of Canada in recent weeks, railing on Twitter against Canada's high dairy tariffs that he said were "killing our Agriculture!"

"There's been some very positive progress particularly on autos and we're glad to be engaging as we have been", he told reporters Tuesday in Longueuil, Que. US stocks edged to record highs for a third consecutive session.

Under pressure, Canada rejoined the talks to modernize the 24-year-old North American Free Trade Agreement after Mexico and the United States announced a bilateral deal on August 27. The proposed deal between the United States and Mexico would likely increase that figure. NAFTA specifies 62.5 per cent.

Trump also wants to re-baptize the trade agreement with Mexico. These requirements could possibly lead to fewer imports from Asia, Europe and South America.

It would require more auto parts to be made in North America, and to be made by workers earning at least $16 an hour. The answer is "yes", earnings drive markets and this season has been an incredible one'.

"We just reached a trade understanding with the U.S., and the outlook for the relationship between our two countries is very positive", the foreign minister wrote. The luxury carmaker rose 2.4 percent to 85.15 euros, and was 2 percent higher at 10:23 Frankfurt trading. "This generates a clear incentive for the salaries in Mexico eventually reach a higher level". -Mexican trade agreement slip away.



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