Toronto stock market, Canadian dollar close down slightly as NAFTA talks resume

Alicia Cross
September 8, 2018

But Canadian officials, who note increasing political pressure on Trump from US business and labor circles to keep NAFTA as a trilateral arrangement, said they were in no hurry.

Freeland expressed optimism late Wednesday. "We need a dispute resolution mechanism like Chapter 19 and we will hold firm on that". But if American lawmakers insist that Trump include his northern neighbour, USA negotiators may feel the need to make a deal with Ottawa.

Another issue is USA complaints about Canada's strictly controlled dairy market, which Trump criticized again on Wednesday, blasting the tariffs that are as high as 300 percent.

The debate over how and whether to include Canada in a new NAFTA that must be ratified by Congress illustrates Trump's political isolation in his trade wars, something both Chinese and European officials have noted.

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.

The seemingly inexorable rise in the US Dollar looks to be running out of steam despite continuing market concerns about the US-China trade talks, discussions on a revamped North American Free Trade Agreement (NAFTA) and emerging-market chaos.

"If it doesn't work out that is going to be fine for our country".

Canadian Foreign Minister Chrystia Freeland takes part in a news conference at the Embassy of Canada in Washington, U.S., August 31, 2018.

Freeland's meeting with USA trade czar Robert Lighthizer resulted in fresh marching orders for their respective negotiating teams.

Speaking in Vancouver on Tuesday, Canadian Prime Minister Justin Trudeau said his officials would resume haggling in hopes of reaching a deal that benefits all three countries.

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He reiterated his views again at the White House on Wednesday saying that Canada and "other countries have been taking advantage of the United States for many years".

Post-NAFTA, Canadians may dream they can rely on the Canada-U.

Under congressional rules for passing trade agreements, the administration must publicly release text of the agreement 60 days before any signing, meaning wrapping up the U.S.

The two sides broke off talks Friday as Trump formally notified Congress of the deal with Mexico, saying Canada might join later.

The notice had to be sent Friday for Mexico's outgoing government to sign the new deal before it leaves office December 1.

Overall, the NAFTA deal struck in 1994, has been good for U.S. dairy farmers because it opened up the market in Mexico. Trump raised stakes over the weekend by tweeting that there is "no political necessity" to keep Canada in a new trade pact, touting a side deal reached with Mexico.

Others say it is Trump's insistence on some version of a sunset clause in the "new" trade deal that most undermines the sense that NAFTA was also a reliable and settled partnership.

Lorna Dawson, director of the Canada Institute at Washington's Wilson Center, watched all of the consultation hearings Congress held previous year prior to the start of the NAFTA re-negotiation.

Everything seems to be taking their cues from the US dollar, said Craig Jerusalim, portfolio manager at CIBC Asset Management. President Trump says it's unfair to the U.S. and has forced its partners to renegotiate the deal.

Other reports by Free-Prsite

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