Trump, Trudeau dig in as NAFTA talks resume
- Author: Darren Santiago Sep 08, 2018,
Sep 08, 2018, 2:12
Wyden in a statement on Tuesday said "you can't fix NAFTA without fixing issues with Canada" while also asserting that Congress has "authority over trade - the president cannot pull America out of NAFTA without Congress's permission".
One of the major sticking points in the talks is a so-called dispute resolution system, contained in Chapter 19 of the original NAFTA agreement.
A Canada-less deal "is not the ideal scenario, but it's better than ending up without any agreement at all, it's better than living in uncertainty", said Gustavo de Hoyos, the president of the Mexican Employers' Association (COPARMEX).
Wednesday was the first day that talks between the two countries resumed after four intensive days of talks last week ended on Friday without a deal after the mood soured.
"We need to keep the Chapter 19 dispute resolution because that ensures that the rules are actually followed".
"It would have been hard to justify a rate hike even if the economy warranted it today given the overhang of NAFTA uncertainty", said Royce Mendes, senior economist at CIBC Capital Markets.
Trump also has repeatedly complained about Canada's dairy management program, which uses 270 percent tariffs to impede imports, threatening to impose tariffs on Canadian auto exports unless Ottawa grants the United States unfettered market access. Still, she called Trudeau's words "important".
Mexico is also taking on a leadership role in the Alliance of the Pacific, a grouping of Latin American countries linked by free markets, while Canada previous year struck a comprehensive trade deal with the European Union.
Canadian Foreign Minister Chrystia Freeland arrives at the United States Trade Representative building in Washington, for a new round of trade talks on Wednesday, Sept. 5, 2018.
Efforts to salvage the North American Free Trade Agreement as a three-country pact are due to resume Wednesday when Canada and the U.S. sit down at the negotiating table in a politically charged atmosphere.
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The prime minister said his government similarly won't budge on exemptions for Canadian cultural industries that protect broadcast and publishing industries from being taken over by US companies.
The Canadian dollar strengthened against the greenback on Thursday, recovering from a almost seven-week low earlier in the day after a senior Bank of Canada official said the central bank had discussed the pace at which it could raise interest rates. But it makes up a small amount of all the goods traded between the two countries. "We have a president that doesn't always follow the rules as they're laid out", Trudeau said in a radio interview.
The overall goal is to reach a deal by December 1 so Congress can give its approval to a new NAFTA before Mexico's new president takes office.
The talks to remake NAFTA resumed after hitting an impasse last week over 's high dairy tariffs and US moves to eliminate a dispute resolution system known as Chapter 19 that potentially favors Ottawa.
Trump called NAFTA a "stupid deal" for the USA causing millions of American jobs to leave the country.
"There is no political necessity to keep Canada in the new NAFTA deal".
At 3:12 p.m. (1912 GMT), the Canadian dollar was trading 0.3 per cent higher at $1.3139 to the greenback, or 76.11 USA cents.
"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.
"We are making good progress", she said.