US, Canada continue to trade barbs on NAFTA - Bloomberg
As reported by Bloomberg, the US and Canada continue to exchange sharp words over trade as NAFTA talks resume.
Key highlights
According to Bloomberg, Representative Steve Scalise of Louisiana warned that patience for Canada was "wearing thin", while Canadian Prime Minister Justin Trudeau continues to reiterate that he'd rather have no deal at all than a deal that is detrimental to Canada.
Thursday is being considered the deadline to submit any official paperwork leading to and agreement, before yet another self-imposed 'deadline' sails by with no agreement in place. A tentative deal was initially reached with Mexico in August, though despite President Donald Trump threatening to go ahead and redraft NAFTA with just Mexico, the US Senate has stopped short of backing up Trump's statements, especially after Mexico has warned that it has no interest in a NAFTA deal without Canada.
Bloomberg, quoting Jennifer Hillman: “It is growing increasingly unlikely that you can get text to the Congress by Sept. 30,” said Jennifer Hillman, a professor of law at Georgetown University and former general counsel to the Office of the U.S. Trade Representative. It’s even more unlikely to proceed quickly with only Mexico, she said. “Canada does still have some leverage.”
Author
Joshua Gibson
FXStreet
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.
