Freeland, Lighthizer return to NAFTA table today as new deadline looms

"Many in China must be viewing the most recent NAFTA developments, and in particular the sharp words the president is using against Canada, as another gift from the Trump administration", said Wendy Cutler, who helped lead trade negotiations with China during the Obama administration and is now at the Asia Society.

In a statement Wednesday, the Bank of Canada said more hikes should be expected thanks to encouraging numbers for business investment, exports and evidence that households are adjusting to pricier borrowing costs.

Freeland told reporters at the close of her Wednesday meeting with Lighthizer that she couldn't predict when the two sides would come to an agreement, saying nothing is settled until everything is settled.

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

"Congress should not interfere with these negotiations or I will simply terminate NAFTA entirely & we will be far better off".

As the two sides met, new economic data showed that the USA trade deficit with Canada grew to US$3.1 billion in July.

Campbell, who served in Brian Mulroney's cabinet and later became Canada's first female prime minister for six months in 1993 after Mulroney resigned, said Chapter 19 dispute resolution was "important" in the first 15 years of the agreement, but hasn't been used as frequently in the past decade.

Canadian and USA negotiators could not reach a deal to meet Trump's deadline last Friday.

Trudeau on Wednesday insisted that Canada would work to maintain a dispute settlement process in the deal, provisions that the USA prefers to ditch.

Dawson sits on a deputy minister's trade advisory committee and hasn't heard it flagged as an emerging concern at the NAFTA table in the past year, and says it's hard to know where the real pressure from the U.S.is coming from without knowing what American negotiators are pressing for.

A revamped continental trade deal must include a dispute resolution mechanism, Canadian Prime Minister Justin Trudeau said Tuesday, pushing back on USA demands to get rid of binational panels to challenge anti-dumping and countervailing duties.

She did not elaborate on the areas covered by the officials' work or on areas of disagreement between the United States and Canada.

Chicago Tribune: "Car prices projected to increase under Trump trade agreement with Mexico" - "New auto prices will rise, along with demand for used cars, as a result of President Donald Trump 's tentative trade agreement with Mexico".

Despite Friday's deadline passing without a deal, both Canadian and USA officials insist that Canada could still meet an end-of-September procedural deadline set by Congress.

Trump notified Congress last Friday of his intention to sign a trade agreement in 90 days with Mexico - and Canada, if Ottawa decides to join them. "Analysts say that could be very bad for the US auto industry, which makes cars and sources parts across all three countries".

"We're seeing goodwill on all sides and if we see some more flexibility, then I think we can start to see things moving in a good direction", added the source.

Trump lashed out at Canada after talks last week failed to yield a final deal.

Toronto's main stock market and the Canadian dollar closed slightly lower Wednesday as investors again watched for signs of progress following a resumption of NAFTA talks by Canada and the United States.

"Yes, Mr. Trump is going to say the worst things possible about Canada - even yesterday, he announced that the rest of the world is profiting from the United States - but that's rhetoric and we should not be too anxious about it", said Leblond.


Popular

CONNECT