The seventh round of Nafta talks wrapped up Monday in Mexico City, with the threat of potential steel and aluminum tariffs overshadowing progress on parts of the 24-year-old trade deal between the U.S., Canada and Mexico.
They believe the Trump administration is trying to squeeze the neighbours: "I think they're trying to pressure the Canadians and the Mexicans into a quick deal, " Kantor said. I'd say, 'We're prepared to proceed very, very fast.
Nigh: We've had a lot of concerns about the access USA dairy farmers and poultry producers have in Canada.
Elliott says Canadian businesses need to look at the operational implications of changes to or the scrapping of NAFTA and start looking at possible other markets such as Europe and Asia through the Canada European Trade Agreement (CETA) and Trans-Pacific Partnership (TPP). "I fear that the longer we proceed, the more political headwinds we will feel". She said the Canadian position remains as it was from the beginning, which is to work in good faith for the amount of time it takes to get a good deal.
President Donald Trump's plans to tariff steel and aluminum, which may prompt a global trade war, will not hurt his projections for US growth, Treasury Secretary Steven Mnuchin said. "Even in Canada, there's likely a lot of people, 'Oh, we can rebuild all the manufacturing jobs that used to be there.' But frankly, with the technology we have now, the jobs aren't gong to be replaced".
The U.S. tariffs also raise concerns that foreign steel originally destined for the United States will be diverted to Canada, which could further damage the market if it's sold at a discount, he added. The tariff talk "is doing no service to the loonie" BMO economist Robert Kavcic said in a note to clients early Monday. President Trump continues to hint at withdrawing from NAFTA because of what he perceives as an unfair trade balance between the US and other countries.
Trump planned to have a meeting Thursday to discuss tariffs. The successes achieved under NAFTA make it clear it is in our country's best interest to maintain these trade ties with our neighbors. He continued the attack on Monday by suggesting that the only way Canada and Mexico-the US's NAFTA partners and two of its biggest suppliers of steel-could avoid the tariffs was by ceding to his other trade demands.
In order to remove uncertainty, Brady urged the administration to exempt current steel and aluminum contracts. The loonie versus the tariffs While North Korea's nuclear capabilities and threats to blow the USA off the map are very real, they don't pay anyone's salary or feed families. They say that exemptions for specific countries to the tariffs would only allow China - whose huge plant expansions have driven a global glut of steel and aluminium - to skirt the duties by exporting through third countries. In the meantime, the broader argument about the wisdom of higher tariffs will continue to play out.