Canada opposition as trump strikes deal with Mexico

  • Canada opposition as trump strikes deal with Mexico
    Independent.t. E.
    The United States and Mexico agreed yesterday to revise the North American free trade Agreement (Nafta), put pressure on Canada to agree to new terms on trade in car and other questions in order to remain part of the three Nations Covenant.
    https://www.independent.ie/business/world/canada-standoff-as-trump-strikes-deal-with-mexico-37258401.html
    https://www.independent.ie/business/article37258400.ece/cd76f/AUTOCROP/h342/2018-08-28_bus_43619254_I1.JPG

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The United States and Mexico agreed yesterday to revise the North American free trade Agreement (Nafta), put pressure on Canada to agree to new terms on trade in car and other questions in order to remain part of the three Nations Covenant.

The US President Donald trump and the outgoing President of Mexico, Enrique peña Nieto said that negotiations with Canada will begin immediately, although trump has threatened he could put tariffs on canadian machines if a three-way deal failed.

“I think of Canada, honestly, the easiest we can do is rate on their cars coming in,” the President said trump.

“A lot of money and it is very easy negotiations. It would end one day and we take a lot of money on the following day,” he added.

Talks among the three trading partners dragged on for more than a year and repeated threats from Mr. trump that he wanted to ditch accord 1994 roiled financial markets, putting pressure on the Mexican peso and the canadian dollar. Mexico-US discussions on developing new rules for the automotive industry, which trump has put in his heart the desire to rework the contract he has described as “a disaster” for American workers.

Press Secretary of the Minister of foreign Affairs of Canada Chrystia Freeland said Canada would continue to negotiate, but only to sign a new agreement that is good for the country.

USA, Mexico and Canada for not more than 1 dollar in trade between them annually trillion (€85млрд). The announcement of the U.S. and Mexico agreement raised the financial markets.

Mr. trump said he would only talk to the Prime Minister of Canada Justin Trudeau. A senior American trade official said that there are hopes that recent three-nation agreement could be reached by Friday.

Mr. Trudeau told peña Nieto on Sunday and shared their desire to pursue the successful conclusion of Nafta “all three sides” yesterday in the office of the Prime Minister said.

Peña Nieto said on Twitter that he urged Canada to return to negotiations aimed at the conclusion of the tripartite agreement “this week”.

US-Mexico deal will require 75pc of keeping a car in the Nafta region, compared with the current level of 62.5 PC, the second American official said.

Project fact sheet the specified content will be produced in the United States and Mexico, the official added.

The deal will also require 40pc to 45pc of the contents of the cars to be made, the workers received at least 16 $per hour, the second official said.

“We now invite Canadians as well and hope that we can reach a fair and successful conclusion with them,” a senior American trade official told Reuters in an interview.

“There are still problems with Canada, but I think they can be solved very quickly,” – said the official.

Mr. trump is expected to send official notification to the U.S. Congress at the end of the week about his intentions to sign a new trade agreement within 90 days, that would give Mexico’s peña Nieto is the time to sign it before he leaves office, a senior U.S. trade, the official said.

U.S., Mexican and canadian stock markets opened higher on Monday amid concerns about the trade deal.

Mexican stocks rebounded 1.4 PC to seven-month high, while the peso has strengthened by about 1.3 PC against the dollar in one day more than a month. (Reuters)

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