Trump team, Canada resume talks to revamp NAFTA

Vicente Fox the former president of Mexico said that Donald Trump is 'not a responsible president.'

A Canada-less deal "is not the ideal scenario, but it's better than ending up without any agreement at all, it's better than living in uncertainty", said Gustavo de Hoyos, the president of the Mexican Employers' Association (COPARMEX).

However, she said the NAFTA reference gives the Bank of Canada options to possibly stay on hold next month, particularly if trade talks - and the outlooks for the economy and inflation - deteriorate. He told an Alberta radio station that Canada would insist on keeping a NAFTA provision for settling disputes "because that ensures that the rules are actually followed".

"We live next door to an entertainment juggernaut that could easily roll over the whole Canadian cultural sector", he said.

Canada now faces a serious threat of trade and investment diversion over time if Mexican producers have tariff-free access to the USA while Canadian producers do not.

Trump repeats his charge that Canada maintains "tremendous trade barriers".

Trudeau said this was a "red line" that Ottawa will insist on retaining to make sure NAFTA rules are enforced.

USA officials did not comment after Wednesday's meeting, which came after Trump said he was willing to dump Canada from the $1.2 trillion three-country trade pact after he reached agreement with Mexico last week.

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

In Washington, Canadian Foreign Minister Chrystia Freeland stepped out of the high-stakes talks to say that the dialogue inside was "constructive".

Dawson sits on a deputy minister's trade advisory committee and hasn't heard it flagged as an emerging concern at the NAFTA table in the past year, and says it's hard to know where the real pressure from the U.S.is coming from without knowing what American negotiators are pressing for. But it makes up a small amount of all the goods traded between the two countries. As a result, many regional experts and political economists are cautioning that the political gains fostered by the pact could be damaged in the fray of an us-versus-them renegotiation battle that disregards the spirit of community underlying NAFTA's success.

The Trump administration notified Congress last week that it could enter into a new trade deal with Mexico, but legislative procedure would allow Canada to enter into the agreement up until September 30 - when the text of the trade pact must be submitted to Congress. In 2016, the United States exported $557 million of dairy products to Canada and received about $113 million, according to the Canadian Dairy Information Center.

The notice had to be sent Friday for Mexico's outgoing government to sign the new deal before it leaves office December 1. The legislators urged top U.S. negotiator Robert Lighthizer to make sure a new NAFTA deal would address Canada's protectionist dairy policies in a letter sent in April.

Trump lashed out at Canada after talks last week failed to yield a final deal.

In the news, traders are waiting to hear about a possible escalation of the US-China trade war as a public consultation period on the US administration's intent to impose tariffs on an additional $200 billion of Chinese goods ends today. He said they've come a long way with Canada and now he thinks "they will treat us fairly".

The U.S.is pushing for to lower high tariffs on dairy, which can run up to 270 percent, and changes to the dispute resolution mechanism in NAFTA's Chapter 19.

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