Money No NAFTA deal will be reached by Thursday's U.S. deadline, Canadian government source says

08:31  17 may  2018
08:31  17 may  2018 Source:   thestar.com

Freeland 'optimistic' about NAFTA

  Freeland 'optimistic' about NAFTA WASHINGTON - Foreign Affairs Minister Chrystia Freeland says contractions are happening, but it's unclear when a new deal will be delivered. She says contractions are happening, but it's unclear when a new deal will be delivered.

WASHINGTON — No North American Free Trade Agreement deal will be reached by the Thursday deadline imposed by a top U . S . legislator, a Canadian government source and Mexico’ s economy secretary said on Wednesday. U . S . House Speaker Paul Ryan says a NAFTA deal would have to

The future of trade talks between the United States, Mexico and Canada was in limbo as a Thursday deadline passed to present U . S . lawmakers with a revamped NAFTA after a push Mexico’ s economy minister, Ildefonso Guajardo, said a deal could be reached by the end of May, but added that if no


Canada's Foreign Minister Chrystia Freeland accompanied by Peruvian Foreign Minister Nestor Popolizio, left, Mexican Foreign Minister Luis Videgaray, Mexican Economy Minister Jose Antonio Gonzalez and Argentine Foreign Minister Jorge Faurie, talks to reporters after a © ALFREDO ESTRELLA Canada's Foreign Minister Chrystia Freeland accompanied by Peruvian Foreign Minister Nestor Popolizio, left, Mexican Foreign Minister Luis Videgaray, Mexican Economy Minister Jose Antonio Gonzalez and Argentine Foreign Minister Jorge Faurie, talks to reporters after a "Lima Group" in Mexico City on May 14, 2018. The Lima Group of 14 countries is seeking a peaceful solution to the spiralling crisis in Venezuela. Freeland is also taking part in NAFTA negotiations with recent talks focused on the trade rules governing auto manufacturing. By Wednesday it appeared those talks had stalled.

There will be no deal on the North American Free Trade Agreement by the Thursday deadline imposed by a U.S. legislative leader, a Canadian government source said on Wednesday.

Trudeau makes last-ditch pitch to Trump for early NAFTA deal

  Trudeau makes last-ditch pitch to Trump for early NAFTA deal Prime Minister Justin Trudeau has made a direct appeal to Donald Trump to keep the momentum alive at the NAFTA negotiating table. During a phone call between the leaders on Monday, Trudeau pressed Trump for flexibility on some of the more difficult issues. During a phone call on Monday, Prime Minister Justin Trudeau made a direct appeal to U.S. President Donald Trump to keep momentum alive at the negotiating table.

No North American Free Trade Agreement deal will be reached by the Thursday deadline imposed by a top U . S . legislator, a Canadian government source and Mexico’ s economy secretary said on Wednesday. U . S . House Speaker Paul Ryan says a NAFTA deal would have to be made by

U . S . House Speaker Paul Ryan has said that the Republican-controlled Congress would need to be notified of a new deal by Thursday to give lawmakers a If a NAFTA deal is not reached before the election, Mexico’ s negotiators will work closely with the incoming government ’ s transition team, Smith

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NAFTA countries to hold high-level talks over pact's future

  NAFTA countries to hold high-level talks over pact's future Nafta partners will hold high-level meetings on Thursday and coming days to assess if a new trade agreement is within reach, as U.S. House Speaker Paul Ryan says there could be a week or two left to reach a deal. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.recentquotesurl = "/en-ca/money/getrecentquotes"; config.

No NAFTA deal will be reached by Thursday ’ s U . S . deadline , Canada and Mexico say . Insults. Trump says Canada , Mexico ‘spoiled’ and ‘very difficult to deal with’, but auto industry will be happy with NAFTA .

A senior source with direct knowledge of the situation said senior Trudeau government officials have had multiple recent phone conversations with These efforts come just as Mexico' s secretary of the economy is suggesting it is very unlikely that a NAFTA deal will be reached by the May 17 deadline .

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U.S. House Speaker Paul Ryan has repeatedly said that a NAFTA deal would have to be announced by Thursday in order for this Congress, which is controlled by Republicans, to hold a vote by the end of the year.

The Canadian source said there will be no deal of any kind by Thursday, even a partial “agreement in principle” that would cover a small number of topics.

There is not even a last-minute scramble to make a deal, the source said. Top officials from Canada, Mexico and the U.S. are all in their respective home countries, there are no important meetings occurring, and several important issues remain unresolved.

Jerry Dias, president of Unifor, a union representing Canadian auto workers, agreed with the government source’s assessment.

Trudeau says federal backup plan for Trans Mountain is result of ‘exceptional’ situation

  Trudeau says federal backup plan for Trans Mountain is result of ‘exceptional’ situation Trudeau says federal backup plan for Trans Mountain is result of ‘exceptional’ situationSpeaking in New York City a day after his government announced it would compensate Kinder Morgan for any delays in construction caused by political problems, Trudeau said he has every confidence the pipeline will proceed.

reached by Thursday ’ s U . S . deadline , Canada and Mexico say (thestar.com). Though the Bank of Canada has said that trade uncertainty is already reducing investment in Canada , government to be rushed into a deal that we ' re not happy with just based on that," said the Canadian source , who

WASHINGTON (Reuters) - U . S . House Speaker Paul Ryan has set a May 17 deadline to be notified of a new NAFTA trade deal to give the current Congress a A source close to the talks said it was possible that Guajardo, U . S . Trade Representative Robert Lighthizer and Canadian Foreign Minister

“There’s a better chance of me beating Usain Bolt in a sprint than this thing being done tomorrow,” Dias said in a Wednesday interview. “The Canadian negotiators aren’t even in Washington. Are we going to teleport each other there to get this thing done? It’s just ridiculous. And this whole argument of announcing an ‘agreement in principle,’ with nothing resolved, is probably about one of the most foolish things I’ve ever heard. Because it doesn’t fool anybody.”

The apparent failure to reach a deal by Thursday does not mean the negotiations have failed for good: talks can continue further into the year and beyond. But it is possible that there will soon be a prolonged delay because of the Mexican presidential election in July and the U.S. congressional midterm elections in November.

The apparent failure to hit Ryan’s deadline does not have come as a surprise to trade analysts, who have long thought a rapid agreement was unlikely given how far apart the three countries are on key proposals from the Trump administration.

Recent negotiations between Foreign Affairs Minister Chrystia Freeland and her counterparts have overwhelmingly focused on the complicated trade rules governing auto manufacturing. Those talks have stalled, it appears over major differences between the U.S. and Mexico.

Five things to watch for in Canadian business

  Five things to watch for in Canadian business TORONTO - Five things to watch for in the Canadian business world in the coming week: What's next for NAFTA?Negotiators for Canada, Mexico and the U.S. are under the gun to make headway on a new NAFTA deal after passing the unofficial deadline of May 17, put in place to give Congress enough time to vote on it by the end of the year. Canadian officials say a deal is "close" but issues such as auto-sector content rules and a U.S.-proposed five-year sunset clause remain sticking points.Wholesale tradeStatistics Canada releases the wholesale trade figures for March on Tuesday. The agency said wholesale sales fell 0.8 per cent to $62.

The Trump administration had hoped a revised deal would reach the current Congress, in which As that deadline came and went on Thursday , Canada And that in turn would most likely increase the chances that President Trump’ s Nafta deal would not be ratified by Congress at all, trade experts say .

Pressure to reach a deal increased this week after Speaker Ryan said he needed to be notified of a new NAFTA by May 17 to give the current Congress a chance of passing it. U . S . Trade Representative Robert Lighthizer walks towards reporters ahead of a meeting with his Canadian and Mexican

Even if the auto issues were to be resolved, the negotiators then have to address a variety of other things on which there are big disagreements: government procurement, U.S. access to Canada’s dairy market, the system for resolving trade disputes, and the U.S. proposal for a “sunset clause” that would automatically terminate NAFTA in five years absent a new endorsement from all three countries.

The ministers for the three countries agreed to leave these other issues “untouched” while they attempted to figure out the auto file, the Canadian source said Wednesday.

Ryan’s deadline is not his own invention: it is based on various mandatory review and delay periods under U.S. trade laws. But it is not clear whether Thursday is actually the precise final date for getting a vote this year.

Daniel Ikenson, director of trade policy studies at the Cato Institute think-tank, said Wednesday that there will still be time to get a vote this year if the Trump administration notifies Congress by the end of this month of its intention to sign a deal. Kirsten Hillman, Canada’s deputy ambassador to the U.S., said at an event in Washington on Wednesday that there are “different views” on how much time there is left to secure a 2018 vote.

Regardless, the Canadian government has not appeared to be in any hurry to meet Ryan’s deadline. Though the Bank of Canada has said that trade uncertainty is already hurting investment in Canada, government officials and trade experts have argued that a bad deal would cause more long-term harm than a prolonged holdout for a better deal.

Trump blasts Mexico, Canada over NAFTA talks

  Trump blasts Mexico, Canada over NAFTA talks U.S. President Donald Trump on Wednesday railed against Mexico and Canada's efforts in renegotiating the North American Free Trade Agreement, saying both of the United States' neighbors had been very difficult. "NAFTA is very difficult. Mexico has been very difficult to deal with. Canada has been very difficult to deal with ... but I will tell you that in the end we win," Trump told reporters at the White House.

Bloomberg Government . The comments put the firmest deadline yet on Nafta talks -- but it may not actually be that firm. Many trade observers have said U . S . deadlines are murky, and that a deal reached later in May or even in June could theoretically get passed.

“All along we have said that it is important to reach a deal quickly. It’s important to provide that stability and predictability to industry and workers in all three countries. We recognize that need. However, we are not going to be rushed into a deal that we’re not happy with just based on that,” the Canadian source said.

Prime Minister Justin Trudeau said Tuesday that a deal is “very close.” He meant, the Canadian source said, that a deal could be had if the U.S. was willing to compromise on key issues.

It is not yet clear how a delay until 2019 would affect the negotiations.

It is possible that the Republicans, whose legislators are generally pro-trade, will still be in control of both chambers of Congress when the new members take office in January; in that case, little or nothing would change.

It is also possible that Democrats, whose legislators are generally more skeptical of trade, will take control of either or both of the House and Senate. In that case, U.S. negotiators may have to alter some of their positions in order to win an agreement that could win approval from Democrats. There could also be a prolonged delay in holding a vote: Democrats could be reluctant to give Trump a perceived political victory, and they have held up votes on previous trade deals over substantive disagreements with presidential administrations.

Trump calls Canada 'difficult' on NAFTA .
U.S. President Donald Trump says Canada and Mexico are "spoiled" and difficult to deal with in NAFTA negotiations. But Canadian officials are playing down the typically bombastic comments, insisting progress is still being made — particularly on the pivotal issue of automobiles — towards a deal that will be mutually beneficial to all three countries.

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