Canada, US resume talks to salvage NAFTA trade pact

Will Trump's NAFTA Deal Benefit Automakers

After seeing the USA and Mexico create a new deal without taking Canada into account, Trudeau has found himself on the outside looking in at Canada's neighbors in North America.

Foreign Minister Chrystia Freeland is due to return to Washington for talks with US Trade Representative Robert Lighthizer on Wednesday morning.

Mexico is also taking on a leadership role in the Alliance of the Pacific, a grouping of Latin American countries linked by free markets, while Canada a year ago struck a comprehensive trade deal with the European Union.

AMAZON: The online retailer will also be in focus, a day after it became the third publicly traded company and the second in the United States to reach $1 trillion in market value following Apple Inc.

The last main obstacle to a trilateral deal is a dispute resolution mechanism from the 1994 pact that Canada insists on keeping and the United States wants nixed. China has already said it will retaliate.

National Post: "From cars to medicine, uncertainty of NAFTA deal means consumers lose out, experts say" - "Under nearly any normal circumstance, the negotiation of a trade pact between countries should result in benefits for consumers, say experts who are closely watching the North American free trade talks unfold in Washington". Those were launched as a result of a late-July agreement between the USA president and the European Commission President Jean-Claude Juncker, though that pact also appeared fragile after Trump told Bloomberg News last week that in trade Europe was "almost as bad as China, just smaller".

But he now worries that the fight over NAFTA's future could set back the hard-won political gains of the pact and prompt both Canada and Mexico to look increasingly beyond a less-reliable U.S. to build other global partnerships.

Data released yesterday showed the United States trade deficit hit a five-month high of US$50 billion.

US business and labour leaders have warned Trump not to dump Canada from NAFTA.

But other issues have yet to be worked out, including Canada's cultural exemption in NAFTA. The White House on Friday gave Congress the required 90-day notification that it would be signing a revised version of the quarter-century-old NAFTA with Mexico and would include Canada "if it is willing".

One of the major sticking points in the talks is a so-called dispute resolution system, contained in Chapter 19 of the original NAFTA agreement.

"Yes, Mr. Trump is going to say the worst things possible about Canada - even yesterday, he announced that the rest of the world is profiting from the United States - but that's rhetoric and we should not be too anxious about it", said Leblond. The chapter has been repeatedly used by Canada to fight USA tariffs on softwood lumber. USA crude prices settled 1.4 per cent lower at $67.77 a barrel. -Canada pact that served as a precursor to NAFTA as well as the early 1990s NAFTA negotiations.

Post-NAFTA, Canadians may dream they can rely on the Canada-U.

The trade talks came after U.S. President Donald Trump said on Saturday that there is "no political necessity" to keep Canada in the new NAFTA deal. -Canada negotiations before then could put things back on track.

Whether Trump could make good on that threat remains an open question.

Speaking in Vancouver on Tuesday, Canadian Prime Minister Justin Trudeau said his officials would resume haggling in hopes of reaching a deal that benefits all three countries.

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