Canada More Convinced Trump Will Withdraw from NAFTA

13 Enero, 2018, 05:11 | Author: Kelly Blake
  • Foreign Affairs Minister Chrystia Freeland speaks to the media as she arrives for the first day of a cabinet retreat in London Ont. Thursday

The attempt to impose progressive chapters on labour, the environment and women into a prospective free trade deal with China scuttled those prospects last month.

Foreign Affairs Minister Chrystia Freeland said at a Liberal cabinet retreat in London, Ont., that Trump's newfound patience on NAFTA renegotiations is "sensible" and "constructive".

With tensions over those proposals already high, some trade experts were mystified Wednesday when the Trudeau government revealed that it has launched a wide-ranging challenge at the World Trade Organization to the U.S.'s use of punitive trade sanctions.

While the USA has been clear there was a possibility it would withdraw from the agreement, Canadian officials believe a positive outcome is possible "if there is goodwill on all sides", Foreign Affairs Minister Chrystia Freeland told reporters Thursday. Progress in Montreal could stave off such a decision.

"I think Canadians expect their government to defend our softwood lumber industry, to defend our workers. and that is absolutely what we are doing", she said.

The minister's comments come a day after stock markets fell following reports that Canada is increasingly of the view that the USA will move to formally withdraw from NAFTA later this month when negotiators meet in Montreal. The U.S.is proposing in NAFTA talks to blow up that system, but the Canadians argue the U.S. still has a leg up.

"The central banker response to event risk is to minimize maximum regret so clearly the NAFTA headlines do make the Bank next week more two-sided", McCormick said. "From members of his own party, from the agriculture community, from the business community, from states where he won the presidency", said Robert Holleyman, former deputy trade czar under Barack Obama. Chuck Grassley also released a statement on Tuesday urging the administration to protect farmers by keeping the deal intact.

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"From the very beginning, the USA has been clear and very publicly clear about the possibility that the US would invoke article 2205".

Among the most divisive are plans to establish rules of origin for NAFTA goods that would set minimum levels of US content for autos, a sunset clause that would terminate the trade deal if it is not renegotiated every five years, and ending the so-called Chapter 19 dispute mechanism.

Market reaction to the reports that an exit is imminent will have given Trump pause for thought. The S&P/BM IPC stock index fell about 1.8 percent.

Trump's proudest boast is the performance of the S&P 500 and the Dow Jones index since he became president.

But the truth is, if it wasn't that, it would be something else.

"Our approach from the start has been to hope for the best, but prepare for the worst".

"You're going to have really creative proposals discussed: 'What if we did this?' 'How would you react to that scenario?' 'What if we did that?'"

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