Saturday, 17 November, 2018


India wants to start trade talks with US ‘immediately’, says Trump

Bennie Garza | 02 October, 2018, 10:26

By turns triumphant and combative, U.S. President Donald Trump declared victory on behalf of American workers, farmers and businesses Monday as he heralded the death of NAFTA, the power of punitive tariffs and the end of trade-related "tensions" with Justin Trudeau.

Officials reached a breakthrough on the US-Mexico-Canada Agreement in 11th-hour negotiations Sunday night, calming fears that the trilateral deal could be scrapped when a self-imposed deadline hit hours later.

Conrad van Hierden says he is feeling a little sour following the Canadian government's announcement that they have reached a deal to replace the North American Free Trade Agreement (NAFTA). The status quo makes total sense to us, but if part of this agreement is to open that up, then we need to have that discussion. Some of the areas that are changed actually incorporate elements on North American trade from the TPP, which was negotiated under President Barack Obama. "There's a lot of concern about the deal".

The pact is expected to be signed in 60 days by the three leaders, possibly at the Group of 20 (G-20) summit in late November in Argentina.

WATCH above to hear Toronto Sun columnist Lorrie Goldstein break down the new NAFTA reboot with our host Mark Daniell and if Canada comes out a victor or loser out of this deal. But chamber president Perrin Beatty said the details of the text needed a closer look before a final verdict could be rendered.

Early Monday, U.S. stocks rallied on this news with the Dow and the S&P 500 trading very near record highs at their peaks, but markets lost steam throughout the trading day with the small-cap Russell 2000 dropping more than 1.3%. "This is not a Republican-only agreement".

The provision is "a clear signal of where they're headed", she said.

Speaking to reporters in Ottawa, Trudeau says the revamped NAFTA deal - renamed the United States-Mexico-Canada Agreement - is successful in maintaining fairness and balance between Canada and the US, a trading partner 10 times its size.

The agreement, reached on Sunday night, protects Canada's automotive industry from potentially devastating USA tariffs, but includes no assurance that Washington will lift punitive measures it imposed on Canadian and Mexican steel and aluminum in June.

The pact also requires that vehicle manufacturers source at least 70 percent of their steel and aluminum from within the three countries.

Noah began by echoing Trump's rhetoric about how we'd all be "tired of winning" during his presidency, saying that while he was right in saying we'd be all very "tired", he added that he "delivered on the winning part" with the United States Mexico Canada Agreement.

Canada fought hard to retain Chapter 19, a holdover from NAFTA that USA trade ambassador Robert Lighthizer worked tooth and nail to eliminate.

The NAFTA dispute-resolution process will also be kept in the new deal.

"The issues with China are longer term", said a senior Administration official.

On the matter of Section 232 tariffs, Trump's trade weapon of choice, US officials told a late-night conference call with reporters that the two sides had "reached an accommodation" on the issue.

It said the measures will have "a dramatic impact not only for dairy farmers but for the whole sector". Voters in Quebec, home to 354,000 dairy cows - the most of any province - head to the polls for provincial elections Monday, which cast a shadow over the last-minute negotiations.

Miles Prodan, president and CEO of the B.C. Wine Institute, said the new agreement would mean consumers have more choice over the country of origin of wine they buy in the 29 grocery stores that now sell only B.C. wine.

The Canadian dollar hit a four-month high against the USA greenback, and investors raised bets for as many as four additional interest rate increases from the Bank of Canada by the end of 2019.

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