President Trump's Nafta deal with Canada imminent

Clock ticks down on potential Sunday NAFTA deadline

The deal came on Sunday night after a weekend of frantic talks to try and preserve a trade agreement that has stitched together the economies of Mexico, Canada and the USA but that was in danger of collapsing amid deep divisions between President Donald Trump and Canadian Prime Minister Justin Trudeau, reports The New York Times.

The USD/CAD has tumbled into 1.2820, with the week's opening gap from 1.2910 steepening the decline as headlines begin to cross wires that Canada and the US may have reached an agreement on NAFTA after months of stalled talks.

In the United States, Congress needed the text of the deal by the late-Sunday deadline if a 60-day review period is to be respected.

Current Mexican President Enrique Peña Nieto leaves office November 30 and therefore, the clock was ticking to get the deal done.

The rewrite "will result in freer markets, fairer trade and robust economic growth in..."

Beyond that, the renegotiation of NAFTA has been marred by a fake public consultation, the undue influence and involvement of corporate lobby groups, and a lack of transparency.

"It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home", the two countries' joint statement said.

US President Donald Trump's administration has said Canada must sign on to the text of the updated NAFTA by a midnight Sunday deadline (0400 GMT Monday) or face exclusion from the pact.

"Everyone is negotiating in good faith right now as we speak", White House trade adviser Peter Navarro told Fox News on September 30.

Pierre Lampron, president of Dairy Farmers of Canada, said in a statement. Washington has already reached a bilateral deal with Mexico, the third NAFTA member.

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Both Dias and Toronto Star columnist Thomas Walkom highlight that it's deeply problematic for U.S. President Donald Trump to say he could still use a "national security" provision (with a NAFTA 2.0 in place and without a reasonable rationale) to impose tariffs on Canadian goods.

"The ideal is a trilateral deal, but we're prepared for the possible need of a bilateral", he told Bloomberg News.

Mr. Trump had said he wanted to go ahead with a revamped NAFTA - with or without Canada.

The agreement also comes after the U.S. and Mexico came to a separate deal that strengthened rules around auto production in August.

The access to Canada's dairy market will closely mirror what was given under recently negotiated agreements between Canada and the European Union and a separate one with Pacific countries, the Canadian official said.

"It would be a monumental mistake to do this without Canada", U.S. Senator Ron Wyden of OR, the top Democrat on the Senate committee that oversees trade, said Friday, before the text was delivered.

"We agreed to that", Lopez Obrador told reporters in Mexico City.

According to a fact sheet by the Office of the U.S. Trade Representative (USTR), these changes would encourage supply chains to use more U.S. content and close gaps in the old agreement that incentivized low wages in the automobile sector.

Mexico agreed to remove NAFTA's Chapter 19, a dispute resolution mechanism for anti-dumping matters, which put Canada in a hard position. But Trump and other critics said it encouraged manufacturers to move south of the border to take advantage of low-wage Mexican wages, costing American jobs.

The deal reportedly grants U.S. farmers access to the heavily protected dairy market. It was unclear, however, whether Trump had authority from Congress to pursue a revamped NAFTA with only Mexico, and some lawmakers said they wouldn't go along with a deal that left out Canada.

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