Tuesday, 25 September, 2018

Mexico will leave NAFTA talks if Trump triggers process to withdraw

Minister Chrystia Freeland speaks to the media as she arrives for the first day of a cabinet retreat in London Ontario on Thursday Jan. 11 2018. The meeting comes a day after the loonie and Mexican peso plunged after reports tha Caisse, Brookfield bosses shrug off Trump's NAFTA threat: 'It will pass'
Glenn Montgomery | 13 January, 2018, 04:00

Royal Bank of Canada's Chief Executive Dave McKay said on Tuesday he believed there was now a greater chance that NAFTA could be scrapped.

Tensions with Canada have spread beyond industries covered by NAFTA this year, with the USA looking into allegations of unfair subsidies on dairy products and aircraft.

Freeland said the WTO filing is about the "unfair and unjustified" tariffs imposed, and is "on a quite separate track from the NAFTA negotiations".

Congressional Republicans expressed their firm support for keeping NAFTA intact throughout Trump's first year in office, but their pleas didn't do much to curb Trump's blustering threats to withdraw from the trade agreement on numerous occasions after he first announced last February he would seek to renegotiate the deal with Canada and Mexico.

While the US has been clear there was a possibility it would withdraw from the agreement, Canadian officials believe a positive outcome is possible "if there is goodwill on all sides", Foreign Affairs Minister Chrystia Freeland told reporters Thursday.

"Canadian assets (mostly foreign exchange and volatility) have priced in very little risk premium on the NAFTA front", said Mark McCormick, head of North America FX strategy at Toronto-Dominion Bank, in an interview. "We're waiting", Senate Minority Leader Chuck Schumer said.

"They can pay for it indirectly through NAFTA", Trump explained, adding "we make a good deal on NAFTA, and, say, I'm going to take a small percentage of that money and it's going toward the wall".

But ahead of a cabinet retreat in London, Ontario, Prime Minister Justin Trudeau wouldn't comment on the state of re-negotiations. Trump would like to see up to 85 per cent of all components in autos being sourced from within the NAFTA region, with 50 per cent of the content coming from the U.S.

Progress is also possible on the sunset clause proposal, if it is watered down into an agreement to hold periodic reviews of the new deal.

US stocks fell slightly after the Reuters report and the chief investment strategist at Charles Schwab was quoted as saying the USA pulling out of NAFTA would represent a risk to the markets.

A White House spokesman said "there has been no change in the president's position on NAFTA". "Most likely the Canadians are reacting to the President's negotiating posture".

Recommended

Trump Administration Plans To Open Up US Coasts For Drilling Trump Administration Plans To Open Up US Coasts For Drilling On an annual basis, the U.S. consumes approximately 25 percent of the world's petroleum, while producing only 6 percent. Zinke said the revenue raised by the lease auctions would be invested in renovating national parks.

Game that was: "Going out there to win" Game that was: Jacksonville went for it, and Bortles found tight end Ben Koyack for the touchdown to put them up 10-3 after the made extra point. Bills QB Tyrod Taylor was thrown down hard to the ground on a sack by Dante Fowler, with Taylor's head snapping back.

Hypocrisy in tackling Fulani herdsmen terrorism Hypocrisy in tackling Fulani herdsmen terrorism Even as governor, most times, I am not with my phone; people can not access me the way it used to be, talk less of a President. If they have the magic, we wish them well.

IRS releases new withholding tables IRS releases new withholding tables But officials predicted 90 percent of workers would see bigger paychecks while little would change for the remaining 10 percent. Although not flawless , the Tax Cuts and Jobs Act will have significant, positive effects on the economy.

Does YouTube enable controversial stars like Logan Paul? Does YouTube enable controversial stars like Logan Paul? The suicide video , which YouTube says violated its community guidelines, fetched millions of views before Paul took it down. The first of YouTube's promised "consequences" for Logan Paul have come: the YouTuber's upcoming projects are now on hold.

Donald Trump Tweets Against FISA After White House Defended It Donald Trump Tweets Against FISA After White House Defended It President", Napolitano continued, looking straight into the camera to address Trump directly, "this is not the way to go". Rand Paul (R-Ky.) and Ron Wyden (D-Ore.) have sponsored the Senate version of the USA RIGHTS Act .

Ecuador gives Assange citizenship, seeks solution with Britain Ecuador gives Assange citizenship, seeks solution with Britain June 19, 2017: Assange cancels a "special announcement" he had planned for the fifth anniversary of his stay at the Embassy. He make a speech, calling for the government to 'drop the witch-hunt against WikiLeaks.

CDC warns of serious E. coli outbreak in lettuce CDC warns of serious E. coli outbreak in lettuce On the same day, CDC announced the E. coli strains appeared related but would not identify a source of the infections. Investigators also look at other data, including interviews from ill persons, to support that evidence.

Bannon Out As Executive Chair Of Breitbart News Bannon Out As Executive Chair Of Breitbart News Breitbart announced Tuesday that Bannon would step down from his post as executive chairman of the site, a position he first held between 2012 and August 2016.

Schenn, Pietrangelo picked for All-Star Game Schenn, Pietrangelo picked for All-Star Game Vladimir Tarasenko , who had been the team's lone representative the previous two seasons, was not chosen. Overall, Schenn has tallied 291 points (126 goals, 165 assists) in 478 career regular season games.

Canadian officials see rising odds that Trump will leave NAFTA Canadian officials see rising odds that Trump will leave NAFTA A report earlier on Wednesday said that two government sources had expressed concern that Canadian officials were becoming convinced that Trump would leave the 24-year-old agreement.

Next fodder scam verdict on Jan 24 Next fodder scam verdict on Jan 24 A police official said, "We weren't aware that the two surrendered before the court and were sent to jail". They also noted that "serving" their leader would have been the only reason for picking up such a case.

7.6 magnitude quake off coast of Honduras 7.6 magnitude quake off coast of Honduras The northern coast of Honduras closest to the quake's epicenter is sparsely populated, with much of it covered by nature reserves. Hazardous waves, between 0.3 meters and 1 meter above tide level, are forecast to hit Honduras and Belize.

Lucas Moura's representatives pushing for Liverpool switch over Manchester United Lucas Moura's representatives pushing for Liverpool switch over Manchester United Gazzetta dello Sport claim that Lucas wants to make a permanent move to Old Trafford but United and PSG have not yet reached an agreement.

Wenger hints at Jonny Evans interest; admits midfielder exit possible Wenger hints at Jonny Evans interest; admits midfielder exit possible Wenger also suggested that Manchester City are realistically in pole position to sign the former Manchester United man. While he also suggests Evans would prefer a move to City, he adds that a move to Arsenal cannot be fully ruled out.