US, Mexico reach trade "understanding", Trump threatens to cut out Canada
28 August, 2018, 18:40 | Author: Kristi Dunn
"Kansas is heavily dependent on the agricultural and manufacturing industries, and it is a huge relief to our state to know that we can continue trading tariff-free with the newagreement", Colyer said.
Trilateral trade between the three countries has exceeded $1tn annually in recent years, according to a 2017 report by the US' Congressional Research Service, with Canada and Mexico ranking in the top three largest buyers from, or suppliers to, the US in 2016.
U.S. President Donald Trump said Prime Minister Justin Trudeau should expect a call "very soon" to discuss the future of trade on the North American continent.
President Donald Trump wants to sign a new trade agreement with Mexico and toss the name "NAFTA" into the dustbin of history.
The bilateral framework, which Trump has said may replace NAFTA and what he calls its "bad connotations", was constructed mainly around the auto sector.
Mexican President Enrique Pena Nieto wants to sign the agreement before leaving office at the end of November, and Trudeau faces a national election expected by October 2019.
Ashworth expects Canada will be less accepting of USA demands for sweeping reforms to its dairy market, given the political sensitivity of the issue ahead of the federal election due in October 2019.
Trump made these comments during an oddly riveting televised event from the White House, where he had Mexico's outgoing president, Enrique Peña Nieto, on speakerphone.
After mid-level trade talks in Washington last week ended with no agreement, a person familiar with the discussions said that Chinese officials had raised the prospect of suspending talks until after U.S. congressional elections in November.
One breakthrough seems to have come in U.S. -Mexico energy trade, a sticking point between the two sides until as recently as last week. "It will either be a tariff on cars, or it will be a negotiated deal", he said.
Matt Blunt, president of the American Automotive Policy Council, which represents General Motors Co, Ford Motor Co. and Fiat Chrysler Automobiles NV, said the group was optimistic about the new deal, though it was still reviewing the details.
"It's a very good deal for both countries and I look forward to it", Trump said.
"This wasn't created to put pressure on anybody", a senior administration official said, before later adding that the USA planned to submit its NAFTA renegotiation plans to Congress by the end of the week with or without Canada's agreement. We'll get rid of the name NAFTA. Moreover, Trump has threatened to impose tariffs on imports of Canadian-made vehicles if Ottawa doesn't relent. USA trade officials described the agreements reached over the weekend with Mexico as a big improvement over the current free trade pact between the three countries. He previously called it a "terrible deal".
Through an interpreter, Pena Nieto reminded Trump four times Monday that he hoped Canada would be part of an eventual trilateral agreement.
"Unsurprisingly, the Mexican peso gained as did the Canadian dollar too to be fair, and even the euro strengthened as it perhaps signals greater odds of a trade breakthrough between the USA and European Union (although a stronger IFO probably helped too)". It would also require 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour, a second official said.
"Our base-case scenario remains that Canada will ultimately be included in any new deal", Eric Lascelles, chief economist at RBC Global Asset Management, said in a note to clients.
"We will only sign a new NAFTA that is good for Canada and good for the middle class", he said, adding that "Canada's signature is required".
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