Canadian dollar softens on Trump's NAFTA comments, weaker oil prices

25 August, 2017, 01:52 | Author: Manuel Hopkins
  • Country Trade Goals

"I think we'll probably end up terminating NAFTA at some point", Trump said at a political rally in Phoenix, Arizona.

It's a now familiar threat-but no less concerning given the USA just this week wrapped up the first round of negotiations with Mexico and Canada to revise the trade agreement by early next year.

"We will work with our partners at all levels in the United States to promote Canada-U.S. trade, which support millions of jobs across the continent".

Shortly after being elected, U.S. President Donald Trump announced his intention to begin renegotiating the terms of NAFTA, seeking to resolve issues with trade outlined during his campaign for the presidency. And that could mean fewer trade benefits for the United States, said Benjamin Gedan, who was National Security Council director for Latin America during the Obama administration.

"But - but I told you from the first day, we will renegotiate NAFTA, or we will terminate NAFTA".

Canada is the No. 2 destination for California agricultural exports and the top customer for USA farm exports; Mexico ranks fifth for the state and third for the nation.

Navistar Inc., a manufacturer of commercial trucks, diesel engines and school buses based in Lisle, Ill., said it is urging negotiators to ease restrictions on USA exports of used vehicles in Mexico.

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Monarch's Jones predicted that "sanity will prevail" and that the USA will remain in NAFTA.

Along with calling for improvements to the dispute settlement process, Freeland said Canada wants "progressive" elements in a new NAFTA: stronger labour standards, tougher environmental protection provisions as well as chapters on gender and Indigenous rights.

"This was always a card we knew the president would likely play ... it may have been a bit earlier than expected", the official said on the condition of anonymity.

Ujczo, who has clients in both Canada and the US, said Canadian provinces would be better off trying to negotiate reciprocal procurement agreements with individual states, through which most federal money for infrastructure flows. NAFTA negotiations just started. All parties have a long and proven track record of fruitfully negotiating free trade agreements (FTAs). "They are following the trade objectives Congress gave them".

"Trade negotiations often have moments of heated rhetoric". For Christine St-Pierre, minister of global Relations and the Francophonie, "there is what Mr. Trump says, and there are people at the table of negotiations".

Business leaders said they were encouraged by how Texas state officials were speaking out on the importance of NAFTA. "There's no need to abandon an agreement that has led to increased trade and relationships, but we would all benefit from an update". As a practical matter, he said, if NAFTA negotiations slow down and become snarled in election-year politics, "it's going to be hard to get it done in 2018".

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