NAFTA talks to resume in afternoon after Canada cites 'goodwill'

NAFTA agreement written on signpost in mountains. Negotiations concept. Withdrawal concept

ANALYST TAKE: "As we head into the business end of the week, markets are trading with a slightly negative tone as traders turn their attention back to NAFTA talks and a potential announcement on Chinese tariffs", said Craig Erlam, senior market analyst at OANDA.

In fact, since the start of NAFTA talks in August 2017, Trudeau's government set out three "no-go" zones: Canada's quota system that controls dairy, poultry and egg production, a dispute settlement system to resolve complaints about unfair anti-dumping and counter-vailing duties, and the so-called "cultural exemption".

But for Canada there is no urgency, Leblond said.

"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.

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.

Mulroney orchestrated the original Canada-Free Trade Agreement in 1988, which evolved into the current NAFTA agreement.

Last week - after about a year of negotiations - Trump struck a preliminary trade agreement with Mexico and threatened to leave Canada out of an updated version of the three-country pact.

"NAFTA goes down as one of the worst trade deals in the history of our country", he said.

President Donald Trump describes ongoing trade talks with Canada as "intense" but says the United States doesn't have much to lose.

The two lead ministers on the North American Free Trade Agreement held their own lengthy meetings in Washington on Wednesday - talks that Freeland characterized as productive and constructive.

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A revamped continental trade deal must include a dispute resolution mechanism, Canadian Prime Minister Justin Trudeau said Tuesday, pushing back on United States demands to get rid of binational panels to challenge anti-dumping and countervailing duties.

Mexican officials stressed in a joint statement that they are "continuing to promote an agreement to which Canada is a party".

Chicago Tribune: "Car prices projected to increase under Trump trade agreement with Mexico" - "New vehicle prices will rise, along with demand for used cars, as a result of President Donald Trump 's tentative trade agreement with Mexico". However, like the sunset clause, a NAFTA dispute resolution process is only meaningful to Mexico (or Canada) if the U.S.is a good-faith participant.

A stronger us dollar pushed Canada's main stock market lower and hurt commodity prices in the first day of trading since the holiday weekend.

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.

In an interview with Edmonton radio station 630 CHED Wednesday, Trudeau reiterated that the issue is a deal-breaker as negotiations continue this week in Washington.

"There are a number of things we absolutely must see in a renegotiated NAFTA", Trudeau told reporters on Tuesday.

In response to Trump's tough stance on whether Canada joins the deal or not, Trudeau has incredibly stated he will walk away from a new NAFTA deal unless it meets Canadian needs.

But they have also bogged down over sensitive issues related to Canada's highly protected dairy sector and the Trump administration's zeal to eliminate a dispute-resolution mechanism that Ottawa regards as crucial.

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