Home » World

US And Canada In Open Feud Over NAFTA

19 October, 2017, 00:36 | Author: Priscilla Morrison
  • US And Canada In Open Feud Over NAFTA

In a recent note to clients, Edward Glossop, Latin America economist at Capital Economics, said the currency could tumble to at least 22 per dollar, but probably further, to about 22.50 or 23 per dollar if the trade deal were to collapse.

US senators, including Republican Rob Portman and Democrat Sherrod Brown, pushed for a strong commitment to avoid currency manipulation in the 12-nation Trans-Pacific Partnership, a trade deal that President Donald Trump withdrew from before lawmakers approved it.

Nafta negotiators are working on a side deal for the U.S., Canada and Mexico to make a non-binding pledge to avoid devaluing their currencies for competitive purposes, according to three people familiar with the matter.

Canadian Foreign Minister Chrystia Freeland accused the United States on Tuesday of "a winner-take-all" mindset that sought to undermine the agreement and she took aim at USA proposals on rules of origin for duty-free trade in autos and for rules on access to markets for government procurement contracts.

Canada maintains it does not have a trade surplus with the USA, a point Foreign Affairs Minister Chrystia Freeland routinely uses to illustrate her point that it's not a good way to measure the success or failure of NAFTA.

After four rounds of talks squeezed into a two-month period, negotiators will now allow a month-long cooling-off period before returning to the bargaining table in Mexico on November 17. "We must ensure that the decisions that we make today do not come back to haunt us tomorrow".

In the U.S., legislation will expire in July that gives the Trump administration more extensive authority to negotiate trade deals and then submit them to Congress for a simple up or down vote, without amendments.




"It is not clear how the (U.S.) administration would expect to reduce the trade deficit through the renegotiation".

"Economists generally argue that it is not feasible to use trade agreement provisions as a tool to decrease the deficit because trade imbalances are determined by underlying macroeconomic fundamentals", says the 37-page report.

"We have seen no indications that our partners are willing to make any changes that will result in a rebalancing and a reduction in these huge trade deficits", he said.

But companies have built complicated supply chains that straddle NAFTA borders, taking advantage of each country's strengths - such as cheap labor in Mexico and skilled workers and proximity to customers in the United States and Canada.

"Frankly, I am surprised and disappointed by the resistance to change from our negotiating partners", said U.S. Trade Representative Robert Lighthizer, flanked by his Canadian and Mexican counterparts.

"We don't really have a plan beyond trying to get a good agreement", he said, adding that he believes if NAFTA ends, "all three countries would do just fine" because "there are a lot of reasons to trade".

"The United States shares strong economic ties with Mexico and Canada". He also said all nations "have limits".

Recommended:

  • Chicago Bulls suspend Bobby Portis eight games for role in scuffle

    Chicago Bulls suspend Bobby Portis eight games for role in scuffle

    Mirotic was diagnosed with a concussion in addition to a broken jaw and facial fractures from the alleged fight. He finally prolonged his time with the Bulls, signing a two-year contract worth 27 million dollars.
    Game Of Thrones' Sophie Turner to marry Joe Jonas

    Game Of Thrones' Sophie Turner to marry Joe Jonas

    Jonas posted a pic of their hands together with Turner sporting her new engagement ring and a caption which read " She said yes ". The source shared: "Everybody's very, very happy for them and their family and friends are all thrilled".

    Michael Owen praises Liverpool performance against Maribor: It was handsome to see

    Klopp intends to keep changes to a minimum but could give Alex Oxlade-Chamberlain his first Champions League start for the club. Salah was able to make progress into a unsafe area and his cross was turned in by Firmino.
  • Duchess Catherine dances with Paddington Bear at surprise charity appearance

    Duchess Catherine dances with Paddington Bear at surprise charity appearance

    The Duchess of Cambridge , 35, was greeted by Paddington Bear at the famous storybook character's train station. Since its first appearance after the announcement of her pregnancy, Kate Middleton went on official events.

    Why Chrissy Teigen, Mark Ruffalo, and Ava Duvernay are Boycotting Twitter Today

    We're been working intensely over the past few months and focused today on making some critical decisions", Dorsey tweeted. Twitter has been facing a lot of questions in the last couple of months over "questionable" posts.
    Houses Opposite Bimal Gurung's Deserted Home in Darjeeling Destroyed In Fire

    Houses Opposite Bimal Gurung's Deserted Home in Darjeeling Destroyed In Fire

    Gurung was in hiding in neighbouring Sikkim and had tried to enter Darjeeling hills today, Sharma said. Bimal Gurung should not be allowed to divide the state. "The law will take its own course", he warned.
  • Google Maps ditches misleading walking calorie counter

    Google Maps ditches misleading walking calorie counter

    A number of people lambasted the feature on Twitter, claiming it would " shame " and even "trigger" those with eating disorders . Those who are easily triggered should not click on this link because it contains pictures of handsome , delectable cupcakes.

    Stellar and IBM are Instigating BlockChain Banking in Several Countries

    Transactions in different currencies can require multiple intermediaries and take days or weeks to complete. The blockchain network contains 12 currency corridors that cover New Zealand, Austalia, Fiji, and Tonga.
    Trump Subpoenaed By Alleged Groping Victim

    Trump Subpoenaed By Alleged Groping Victim

    The allegations against Trump have been making headlines again in the wake of the Weinstein scandal, which broke October 5. President responds to question about Trump campaign being subpoenaed by former " Apprentice " contestant Summer Zervos .
  • Commissioner Cuck gets dizzy dodging National Football League  anthem protest questions

    Commissioner Cuck gets dizzy dodging National Football League anthem protest questions

    NFL Commissioner Roger Goodell addressed the media Wednesday afternoon following the second day of NFL meetings. He said, "Like many of our fans, we believe that everyone should stand for the National Anthem".
    Delayed Hillary Clinton 'very apologetic' after missing slot on Woman's Hour

    Delayed Hillary Clinton 'very apologetic' after missing slot on Woman's Hour

    The organisation's representative in Russian Federation was exposed as a Holocaust denier. Clinton said WikiLeaks' actions were motivated by Assange's personal dislike of her.
    Mobile puts 5GB cap on high-speed data in Canada and Mexico

    Mobile puts 5GB cap on high-speed data in Canada and Mexico

    Mobile Without Borders is an incredible benefit and allows customers to stay connected when traveling in Canada and Mexico. The mobile carrier said that it wants to improve and make a decision to "prevent usage beyond the intent of the product ".


Popular

Man United boss Jose Mourinho provides huge update on fitness of defender
United boss Jose Mourinho made four changes to the team that started against Liverpool on Saturday afternoon. Juan Mata , Henrikh Mkhitaryan and Marcus Rashford support Romelu Lukaku up top.

Barack Obama picks Kehinde Wiley to Paint Official Presidential Portrait
Some of his more notable work includes portraits of The Notorious B.I.G., Michael Jackson, LL Cool J and other music legends. But the selection of Wiley and Sherald by the Obamas carries another important legacy - one that goes beyond art itself.

Google Celebrates Selena Quintanilla's Debut Album With Stellar Anniversary Doodle
Google has also launched an online exhibit in their Arts and Culture section, further exploring the singer's life. I even sang Selena classics in talent shows across northeast Texas [photo evidence below, courtesy of my Mom].

Look Joel Embiid Thinks His Sixers Minutes Restriction Is 'F*cking Bullsh
When active, Embiid averaged 20.2 points, 7.8 rebounds and 2.5 blocks despite playing just 25.4 minutes per game. And more from Embiid after he was informed about Brown's comments.

Oil rig on Lake Pontchartrain explodes near Kenner, several injured
Reports came into the Emergency Operations center around 8 p.m. of fire and smoke being seen from Lake Pontchartrain. The Coast Guard will be conducting a water quality evaluation as well as the Lake Pontchartrain Basin Foundation.

Here's everything Donald Trump will miss out on during his United Kingdom visit
London mayor Sadiq Khan - who has clashed with Mr Trump on Twitter - said he "would not object" to a working visit. The visit will not include a stay with the Queen like Barack Obama enjoyed in 2011.

Facebook Launches Food Ordering Feature
Facebook continues to bring new and interesting features to keep its users happy and engaged. Restaurants will be listed, as is the option to begin an order for pickup or delivery.

Gujarat polls: BJP slams Congress for doubting EC
In Himachal the elections were held on December 4, but in Gujarat polls were held in two phases: December 13 and 17. So, from October 3 to December 24 when the election process concluded, it was 83 days, which is unreasonable.

Troy Deeney says Arsenal lost to Watford because they lack "cojones"
Wenger about himself, but the reason they lost wasn't due to one penalty". "I know Hector, he's a good pal of mine, but that's a penalty".

Tom Brady sets record for regular-season wins with controversial victory
With the win, Brady passed both Peyton Manning and Brett Favre, who were tied for first with 186 career regular season wins. The officials disagreed following a review of the play, and the reversal of the call left many baffled and angry.