Sources: US, Canada and Mexico are edging closer to USMCA trade deal - WSJ

Dhwani Mehta FXStreet

The Wall Street Journal (WSJ) cited people familiar with the negotiations, as saying that the US, Canada and Mexico are edging closer to a new NAFTA, United States-Mexico-Canada Agreement (USMCA).

Key Quotes:

House Democrats and U.S. Trade Representative Robert Lighthizer are nearing a deal for Congress to pass a modified U.S. trade agreement with Canada and Mexico.

Though hurdles remain.

Have narrowed differences over key sticking points in recent days.

The biggest divide is over revising the agreement on the enforcement of labor rules.

Earlier today, Mexican Foreign Minister said that Mexico will not accept US labour inspections in USMCA trade pact.

Meanwhile, the Canadian dollar seems uninspired by the trade-positive headlines while its American counterpart consolidates the US NFP data-led upside. The Mexican Peso trades firmer near 16-day highs vs. the US dollar, as USD/MXN extends six-day losing streak to near 19.24 region.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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