Monday, 22 October, 2018

Australian dollar tumbles as US, Canada fail to reach trade deal

US President Donald Trump US President Donald Trump
Kenneth Drake | 01 September, 2018, 17:44

Donald Trump rattled global markets on Friday after threatening to pull the United States out of the World Trade Organization, at the same time as talks between Canada and the USA to revamp the Nafta trade agreement reportedly soured.

The U.S. -Mexico deal reached earlier this week does away with the Chapter 19 panels, leaving U.S. trade complaints against Mexico to be settled in U.S. tribunals or at the World Trade Organization, although Mr. Trump threatened this week that he might pull his country out of the WTO altogether.

Trump didn't help trade talks Friday after his private remarks leaked out that he thinks the final deal will be "totally on our terms", according to a report in the Toronto Star. Trump, however, is also quoted as saying that he couldn't say that openly because, "it's going to be so insulting they're not going to be able to make a deal".

President Trump confirmed Wednesday that Canadian Prime Minister Justin Trudeau "called him" hours after he announced the US-Mexico trade deal; saying the conversation "could not have been nicer" and that he "loves Canada".

However, a spokeswoman for the U.S. Trade Representative said Canada had made no concessions on agriculture, which includes dairy, but added that negotiations continued.

Nevertheless, Canada's Foreign Affairs Minister Chrystia Freeland tried to brush off the leaks, telling a news conference "My negotiating counterparty is (US Trade Representative) Ambassador Lighthizer".

If Canada is in the deal, then the road toward a new deal becomes easier, but not assured.

President Trump informed Congress that he will sign a revised pact with Mexico within the next 90 days, Lighthizer said in a statement.

Trump has set a Friday deadline for the three countries to reach an agreement, which would allow Mexican President Enrique Pena Nieto to sign it before he leaves office at the end of November. "We'll only agree to a deal that's good for Canada". "I think you would have to look at each cheese on an individual basis", he said when reached by phone in Vancouver.

According to scholar and author He Qinglian, a widely respected expert on the Chinese economy who lives in the United States, the core issue for Washington is China's theft of USA intellectual property and using counterfeit goods to take US companies' market, and the "Made in China 2025" initiative.


"We are replacing Nafta with a handsome, brand new US-Mexico trade deal", Mr Trump told supporters in Evansville, Indiana, on Thursday night.

Mr Trump has expressed his distaste for multilateral trade agreements on many occasions.

"Look at the amount of protectionist measures introduced by the U.S.in the last couple years", said Brian Kingston, a vice president at the Business Council of Canada.

The Wall Street Journal reported that President Donald Trump was expected to notify the U.S. Congress of plans to proceed with a Mexico-only pact, while suggesting Canada could join a revised NAFTA later.

His remarks immediately came to the attention of the Canadian delegation, which had already suspected the US was not bargaining in good faith.

President Donald Trump has frequently criticized Canada's high dairy tariffs and insisted the USA will demand changes.

Trump rejected an European Union offer to eliminate auto tariffs if the United States does the same.

Pressed once more to talk Trump, she said curtly: "I'll take the next question".

Trump is playing hardball where previous administrations have rolled over, and we believe his posturing is creating a more favorable economic climate for our country. Lighthizer said on Monday that Mexico had agreed to eliminate the mechanism.

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