Election of new Mexican president adds uncertainty to future of NAFTA talks

U.S. President Donald Trump approaches Canada's Prime Minister Justin Trudeau as he arrives at the G7 Summit in Charlevoix Quebec Canada

On Friday, Canada struck back at the Trump administration over US steel and aluminum tariffs, vowing to impose punitive measures on C$16.6 billion ($12.6 billion) worth of American goods until Washington relents.

"I have made it very clear to the president that it is not something we relish doing but it is something that we absolutely will do", he said in June.

Lopez Obrador told the Televisa network Monday that he will respect the current team of negotiators, and let them continue representing Mexico until he takes office December 1, noting that he wants to have information on what's being discussed and "to help as much as we can". The report cited people involved in discussions with the president.

The Chamber is expected to spend millions of dollars ahead of the November elections to help candidates who back free trade, immigration and lower taxes.

Some have already launched retaliatory measures and filed legal challenges with the World Trade Organization. Canada is the United States' second-biggest trading partner in goods, just behind China. Both industries are at the centre of the current trade dispute with the United States.

It appears Trump, too, is not backing down.

Brilliant Cavani brace fires Uruguay into last eight
Portugal's goal drought finally came to an end when defender Pepe delivered a ideal header into the net to equalise. But there was no late video review to benefit Portugal as Ronaldo's fourth World Cup came to an uneventful end.

The US tariffs of 25% on foreign-made steel and 10% on aluminium are the result of a Section 232 national security investigation, and went into place on 1 June. It's largely balanced trade, and it's fair trade, and it's free trade - or it was until Mr. Trump started applying freakish restrictions, tariffs under the guise of national security, which is, of course, ludicrous. But he lifted the exemptions the same week he met with Group of Seven leaders in Quebec last month.

Meantime, revellers on Parliament Hill who braved scorching temperatures to take in the festivities in Ottawa also expressed support for Trudeau's hard line against Trump on trade.

Retaliation for his tariffs came swiftly. United States exports of steel and other metal products now face a 25-percent tax, while other products-such as milk, ketchup, beef, and yogurt-will be taxed at 10 percent. Trump slammed the company's move, saying it was tantamount to surrender, and threatened punitive taxes.

The trade war could further escalate, today, US President Donald Trump reiterated his threat to impose tariffs on Canadian vehicles.

Global equities fell on Monday as investors anxious about an escalation of the trade disputes.

Trump has repeatedly suggested Canada was profiting from US trade, and his blistering comments after the G7 meeting drove bilateral relations to their lowest point in decades.

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