|

Canada's Trudeau: won't sign a bad NAFTA deal

Canada's Prime Minister, Justin Trudeau, made statements today about the current state of NAFTA renegotiaions, reaffirming his dedication to a fair deal, as well as making a few points about the upcoming G7 meeting which takes place in Canada beginning on June 8th.

PM Trudeau spoke today on NAFTA, stating that continued disruption of current US-Canada trade means more lost US jobs after the US has taken trade with Canada for granted for so long, but that the PM is motivated to accomplish a good trade deal because of all of the uncertainty surrounding the current talks. Trudeau also believes that there is a win-win scenario for NAFTA, and that the US-Canada trade links won't be changing any time soon. Trudeau also noted that the recent move by the Trump administration on automotive tariffs signals that the US is seeking trade concessions, but despite Canada's willingness to negotiate Trudeau is unwilling to accept a bad deal.

Touching on the upcoming G7 summit, Trudeau stated that the meeting needs to reassure people about globalization, and that the current challenge for the G7 is to ensure that global growth is being shared fairly, but the Canadian PM also noted that most of the current global political uncertainty is stemming from 'anxiety', taking a stab at President Trump's heavy-handed methods of negotiation and posturing.

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

More from Joshua Gibson
Share:

Editor's Picks

EUR/USD recovers further from one-month low set on Friday, eyes mid-1.1800s on weaker USD

The EUR/USD pair is seen building on Friday's late recovery from the 1.1750-1.1740 region, or a nearly one-month trough, and gaining some follow-through positive traction at the start of a new week. The momentum lifts spot prices to the 1.1835 area during the Asian session and is sponsored by a broadly weaker US Dollar.

GBP/USD gathers strength above 1.3500 amid tariff confusion

The GBP/USD pair gains traction to around 1.3520 during the early Asian session on Monday. The US Dollar faces some selling pressure against the Cable as tariff uncertainty lingers. Traders will take more cues from the US Producer Price Index report for January, which will be published later on Friday. 

Gold rallies above $5,150 as Trump’s tariffs boost haven demand

Gold price extends the rally above $5,150 in the Asian session on Monday. The precious metal extends the rally amid US President Donald Trump’s tariff threats and uncertainty, which boost safe-haven flows. US-Iran geopolitical risks also linger, supporting the Gold price upside. 

Week ahead: Markets brace for heightened volatility as event risk dominates

Dollar strength dominates markets as risk appetite remains subdued. A Supreme Court ruling, geopolitics and Fed developments are in focus. Pivotal Nvidia earnings on Wednesday as investors question tech sector weakness. Yen and aussie diverge; both pound and euro could recoup their losses.

Liberation day take two, the tariff machine just changed gears

Let me caveat this from the outset. What we are watching is first-order mechanics, not the grand macro endgame. This is the market’s immediate reflex to a 15% Trump tariff levy dressed up as judicial drama. The Supreme Court blocked Trump tarrif hammer. The White House came back with a scalpel.

Ripple bulls defend key support amid waning retail demand and ETF inflows

XRP ticks up above $1.40 support, but waning retail demand suggests caution. XRP attracts $4 million in spot ETF inflows on Thursday, signaling renewed institutional investor interest.