Josh Wingrove and Andrew Mayeda Bloomberg News Published 9:12 p.m. UTC Aug 30, 2018 The U.S. and Canada are getting ready to decide on key issues as they work to strike a deal to update the North American Free Trade Agreement, Canada’s foreign minister said. “Our officials did some work. They prepared some issues for me and Ambassador Lighthizer to take some decisions,” Foreign Minister Chrystia Freeland told reporters Thursday afternoon in Washington, as she headed to her latest meeting with U.S. Trade Representative Robert Lighthizer. The tone is becoming increasingly optimistic as the two countries approach a U.S. deadline to reach a deal by Friday, when President Donald Trump plans to notify Congress that he’ll sign a pact to replace the 24-year-old NAFTA. “This is a very, very intense set of conversations and I continue to feel that there is a lot of goodwill on all sides,” Freeland told reporters earlier Thursday. There’s still a … [Read more...] about U.S., Canada optimistic as NAFTA deadline nears
This week, President Donald Trump and Mexican president Enrique Peña Nieto announced details of a US-Mexico trade deal, an historic break from the North American Free Trade Agreement (Nafta) which has been in force for over two decades. President Trump has sought to rearrange agreements with various countries since he came into office, including Nafta, which he has called "the worst trade deal in the history of trade deals". How Nafta began Ronald Reagan got the ball rolling in his presidential campaign of 1980, when he argued the case for a north American trade deal. In a televised speech announcing his campaign bid, he argued that moving goods more efficiently across the continent would “improve the life of all its inhabitants”. Canada (at the time led by Pierre Trudeau, father of current Prime Minister Justin), and Mexico were sceptical at first, believing the US would dominate the deal. A change of leadership in Canada let talks begin in … [Read more...] about What is the ‘new Nafta’ and why was the old one controversial?
WASHINGTON — The Latest on talks to overhaul the North American Free Trade Agreement (all times local): 11:53 a.m. The U.S. Business Roundtable and the Business Council of Canada are urging trade negotiators to agree to a version of NAFTA that continues to include the United States, Canada and Mexico. On Monday, the United States and Mexico cut a deal on a revamped regional pact that excludes Canada. Canadian negotiators are in Washington for talks that are aimed at reinstating Canada in a new version of the 24-year-old NAFTA. "Forfeiting this three-nation partnership would destabilize North American supply chains, jeopardize jobs and undermine economic growth," the two business groups said in a statement. ___ 11:47 a.m. Canada's top trade negotiator says she's "encouraged" by urgent discussions that are intended to overhaul the North American Free Trade Agreement. Leaving a morning session with U.S. Trade Rep. Robert Lighthizer, Foreign Affairs Minister Chrystia Freeland tells … [Read more...] about The Latest: 2 business groups want Canada to stay in NAFTA
WASHINGTON — Canada's top trade negotiator says she's "encouraged" by urgent discussions that are intended to overhaul the North American Free Trade Agreement. Leaving a morning session with U.S. Trade Rep. Robert Lighthizer, Foreign Affairs Minister Chrystia Freeland tells reporters, "We continue to be encouraged by the constructive atmosphere that I think both countries are bringing to the table." On Monday, the United States and Mexico reached an agreement to replace NAFTA, a 24-year-old pact involving those two countries and Canada. But the new deal excluded Canada. Freeland hurried to Washington to try to repair the damage. She's seeking to forge a three-country deal by Friday, starting a 90-day countdown that would let Mexican President Enrique Pena Nieto sign the pact before leaving office Dec. 1. "We're working very intensively," Freeland says. … [Read more...] about Canadian envoy says she is ‘encouraged’ by NAFTA talks
1. Amazon on fire: Shares in Amazon rose by more than 3% on Wednesday, leaving the company's market value just short of $1 trillion. Another strong performance on Thursday would earn Amazon (AMZN) the distinction of being the second US company to be valued above $1 trillion. Apple was first across the line earlier in August. Amazon stock has doubled in value over the past year, and is now less than $2 away from breaking through another barrier: $2,000 per share. The company had earned a reputation for pursuing growth rather than delivering profits for shareholders. That has changed in recent quarters, when profits increased dramatically as investments in areas such as cloud computing paid off. But it's not without critics: US Senator Bernie Sanders wants to slap a special tax on Amazon and other big companies that employ workers who collect food stamps and other public assistance, for example. 2. NAFTA back on track? Canadian officials appeared optimistic Wednesday that a … [Read more...] about Amazon on fire; NAFTA progress; Emerging market pain