US, Canada reach trilateral trade pact with Mexico to replace NAFTA

Clock ticks down on potential Sunday NAFTA deadline

Clock ticks down on potential Sunday NAFTA deadline

Canadian news media reported the deal.

"Everybody's negotiating in good faith right now as we speak and the deadline is midnight tonight to get the text in to Congress in order to make sure this goes forward", said Navarro.

US President Donald Trump (L) is greeted by Canadian Prime Minister Justin Trudeau during the G7 Summit in La Malbaie, Quebec, Canada, June 8, 2018.

The agreement includes a quota on automobile shipments to the USA and a greater level of access to Canada's dairy market.

OTTAWA - An 11th-hour NAFTA deal has been reached that allows Canada to rejoin the trilateral trade pact, sources tells The Canadian Press.

"They used to call it NAFTA", said Trump after a deal had been reached with Mexico.

It replaces the 24-year-old North American Free Trade Agreement, which President Donald Trump had called a job-killing disaster.

On top of that, Canada's 270 per cent tariffs on dairy products that exceed the established quota have long left a sour taste in the president's mouth.

A source told Reuters that Mr Trump had approved the deal.

Key U.S. lawmakers have called for the three-nation format to continue, meaning Congress may delay a new agreement that doesn't include its northern neighbour.

Most news reports say the issues that are outstanding can be breached and there is an optimistic tone, so there could be an opportunity to buy the Canadian dollar if liquidity is ample and if it hasn't moved to far.

Congress gave Trump's administration authority to renegotiate a trilateral continental free trade pact, which requires a 60-day notice and publication of the text of any agreement.

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Jeff Flake told the Senate Judiciary Committee as he proposed the delay. "I know because I frequently drank to excess with him". Ford said Keyser was at the party when the assault happened but was downstairs and did not directly witness the incident.

"Our focus remains on the substance of the issues, not on timelines, and of course on getting a good deal for Canadians".

Central to the discussions Sunday was an effort to secure some sort of assurance that would allow Canada to avoid the dreaded Section 232 tariffs on steel and aluminum, and to protect itself from Trump's repeated threats to impose similar measures on autos.

On the Today programme, Laura Cooper, strategist at RBC, has been discussing the new US-Canada trade deal.

The US Chamber of Commerce has said it would be "unacceptable to sideline Canada, our largest export market in the world". The agreement also exempts tariffs on 2.6 million automobiles. Canada, the United States' No. 2 trading partner, was left out when the US and Mexico reached an agreement last month to revamp the North American Free Trade Agreement.

Canadian Prime Minister Justin Trudeau has said repeatedly that Chapter 19 is a "red line for Canadians" that can not be crossed.

The US appears to be willing to give up demands to drop independent dispute resolution panels if it can have greater access to the Canadian dairy market.

The deal is likely to boost global stock markets today, which have been dragged down by concerns about USA trade disputes with China, the European Union and others.

By 7:30 p.m. Sunday, the outline of a deal had been reached, leaving both countries' chief negotiators to brief their respective leaders and get approval from Trump and Prime Minister Justin Trudeau, the source said.

The United States and Mexico want to push a deal they separately negotiated through their respective legislatures before Mexican President-elect Andres Manuel Lopez Obrador takes office on December 1.

The almost 25-year-old NAFTA deal governs more than one-trillion USA dollars in annual trade between the three countries.

The government "is still having constructive discussions" with USA counterparts, and "some" progress has been made, said one insider, speaking on condition of anonymity given the sensitive nature of the talks.

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