Canada reaches a trade deal with US & Mexico under new name

The women commemorated the victims of gender and sexual-based violence by remembering the Ecole Polytechnique massacre in Montreal

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Mexico's Foreign Minister Luis Videgaray (C), Mexico's Economy Minister Ildefonso Guajardo (3rdR), White House chief economic adviser Larry Kudlow (3rdR-standing) and Jesus Seade (R), Mexico's President-elect Obrador's representative in trade negotiations look on as U.S. President Donald Trump (L) announces a deal to replace the North American Free Trade Agreement (NAFTA) at the White House in Washington, Aug. 27, 2018.

"We still have a couple of tough issues, so we're doing our best".

A big worry now appears to be Trump's threat to impose a 25 per cent tariff on the Canadian automotive industry (that, significantly, could be imposed even if a NAFTA 2.0 deal were to be reached).

The formal NAFTA text is due before Monday in order to meet U.S. congressional notification requirements and allow U.S. President Donald Trump and outgoing Mexican President Enrique Peña Nieto to sign the pact by November 30, Nieto's final day in office. He blames the treaty for the loss of American manufacturing jobs and has repeatedly threatened to abandon the trade past signed in 1994, during the Clinton administration. Pierre Lampron, president of Dairy Farmers of Canada, said in a statement.

Canada is also reported to have secured some protections for automobile industry against potential USA tariffs. Trudeau said it made no sense to sign on to a new NAFTA only to be hit by new tariffs, and is seeking safeguards.

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.

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"It's a great deal and that's why Mexico has already entered into that deal with us", he told Fox News in another interview on September 29.

Flags of the US, Canada and Mexico fly next to each other in Detroit, Michigan, US.

One source briefed on the talks said negotiators were looking to imitate the provisions of the bilateral Mexico-U.S. deal on NAFTA.

Dairy: Canada will allow American farmers more access to its dairy market, raising quotas on the amount of USA dairy that can come into the country and eliminating a pricing system that made it more hard for United States farmers to enter the market.

Canadian Prime Minister Justin Trudeau said it makes no sense to sign onto a new NAFTA only to be hit by new tariffs and is seeking safeguards.

Under the current system, US imports exceeding quota levels are subject to excessively high tariffs, such as 245 percent for cheese and 298 percent for butter.

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The United States is poised to relent on its demands to eliminate an independent tariff dispute settlement system that Canada has said is a red line in negotiations, according to a person consulted on the negotiations.

USA and Canadian negotiators have been negotiating around the clock this weekend to make a deadline that would allow the countries to sign the deal as the final act before Mexico's outgoing President Enrique Pena Nieto leaves office at the end of November.

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

Insiders got wind of a breakthrough after 14 months of tumultuous talks and just hours before USA and Mexican trade authorities were set to publish their own trade agreement without Canada.

A series of calls the Prime Minister made to the chief executive officers of Canada's five largest banks leading into the weekend marked the culmination of months of back-channel communications between banks and government officials.

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