Home » Money

NAFTA successor deal makes USA bottom line clearer

29 August, 2018, 00:38 | Author: Lawrence Cooper
  • BREAKING NAFTA is Out a New Trade Deal With Mexico is Officially Here

- Canada's minister of foreign affairs is scheduled to hold talks in Washington on Tuesday in hopes of reaching a trade agreement with the United States, an urgent response after President Donald Trump announced a deal with Mexico on Monday that left out Canada.

"There are still issues with Canada, but I think they could be resolved very quickly", the official said.

The sides also agreed that 40-45 percent of cars must be made at "high wage" factories where workers receive $16 an hour in order to receive duty-free treatment, something that could deter off-shoring United States auto manufacturing to Mexico.

Perhaps most significantly, much of the auto production would have to be done by people earning at least $16 per hour.

The tentative agreement would revise details in the North American Free Trade Agreement, which Trump vehemently opposes and wants to scrap in favor of a new trilateral deal, or separate bilateral deals with Mexico and Canada.

Earlier in the day, a spokesperson for Freeland said: "Canada is encouraged by the continued optimism shown by our negotiating partners". Moreover, a new trade agreement with Mexico would require Congress to pass implementing legislation by a majority of both houses before it could come into force.

The president said he is willing to call Canadian Prime Minister Justin Trudeau, adding, "If they'd like to negotiate fairly, we'll do that".

He indicated he would take a tough line with Canada on autos and dairy tariffs, long a source of tension between the neighboring countries.

Trump made the comments after announcing an "understanding" with Mexico that could lead to an overhaul of the 24-year-old trade pact, which Trump has called a job-killing "disaster".

May supports South Africa’s land reform - provided it’s done legally
The last time a British PM visited Kenya was in 1988 when Margaret Thatcher called on then President Daniel arap Moi. A "No entry sign" is seen at an entrance of a farm outside Witbank, Mpumalanga province, South Africa July 13, 2018.

Wolves vs Manchester City: Guardiola happy with ‘good draw’ despite controversy
Despite protestations, the Boly's dodgy goal was allowed to stand and City were left with an embarrassing predicament to dig themselves out of.

Chelsea inch closer to finalizing sale for veteran £85,000-a-week defender
When asked whether he would revert to Conte's three-man defence with wing-backs, Sarri responded, "No". "Doing things this way depends only on you".

Mr. Lopez Obrador called for a three-way trade deal, saying "it's important that Canada also be included". The new deal could have a great impact on the Texas economy.

"Unsurprisingly, the Mexican peso gained as did the Canadian dollar too to be fair, and even the euro strengthened as it perhaps signals greater odds of a trade breakthrough between the U.S. and European Union (although a stronger IFO probably helped too)".

Canada - which Trump had previously threatened with possible tariffs on cars coming to the United States - was notably absent from the agreement.

Talks have also been stymied by the Trump administration's insistence on a "sunset clause" that would end NAFTA in five years unless all three countries agreed to continue it. "They want to negotiate very badly..." After six years, the countries would review the agreement and decide whether it needed to be updated or changed.

The United States and Mexico have reached a preliminary agreement resolving key bilateral trade issues.

Auto manufacturing: The new deal would require that 75% of the parts in any vehicle sold in North America be produced in the United States or Mexico.

A major part of the agreement surrounds import taxes on cars.

Under the president's trade promotion authority, the White House notified Congress a year ago that it was renegotiating NAFTA, not seeking a new bilateral pact with Mexico.

It would also be a big win for Mr Trump if he could have a deal ready to go before Americans head to the polls. Ultimately, the framework agreement reached between the United States and Mexico seems to enshrine the opening of Mexico's oil patch and provide guarantees for foreign investors.


  • Details on Odell Beckham’s record-breaking contract

    Details on Odell Beckham’s record-breaking contract

    The 25-year-old Beckham was entering the fifth and final year of his rookie contract, with a base salary of $8.4 million. Beckham, who turns 26 in November, caught three touchdowns in an injury-shortened 2017 season.
    Trump announces trade deal with Mexico, Canada on sidelines

    Trump announces trade deal with Mexico, Canada on sidelines

    Adam Austen, who speaks for the foreign affairs minister, says Canada had been in regular contact with the NAFTA negotiators. Separately, a Mexican source familiar with the talks said it was "almost certain" there would be an announcement on Monday.
    John McCain leaves the stage when we need him most

    John McCain leaves the stage when we need him most

    On Twitter , the USA first lady wrote: "Our thoughts, prayers and deepest sympathy to the McCain Family". McCain died on Saturday in Arizona, more than a year after he was diagnosed with brain cancer .
  • Jacksonville Shooter Won 'Madden NFL' Tournament in 2017

    Jacksonville Shooter Won 'Madden NFL' Tournament in 2017

    In the immediate aftermath of the shooting, there were immediate calls for heightened levels of security for future events. Elizabeth Katz said her youngest son had increasing difficulty concentrating following his parents' split.
    White House Quickly Raises Flag Back to Full Staff After McCain’s Death

    White House Quickly Raises Flag Back to Full Staff After McCain’s Death

    McCain was a frequent critic of Trump on everything from his leadership style to his Russian Federation policy. Vice President Mike Pence is expected to represent the White House at McCain's funeral service.
    The touching habit Meghan and Princess Diana share

    The touching habit Meghan and Princess Diana share

    I think she owes him emotionally as his daughter to support him the way he supported her, " he continued. But when she couldn't give him the time he needed or wanted to spend with her, he got upset about that.
  • U.S., Mexico Expected To Reach Nafta Deal On Monday

    U.S., Mexico Expected To Reach Nafta Deal On Monday

    Asked about a potential deal on Monday, he said "That's why we're here; to make our best effort". Lopez Obrador opposed Pena Nieto's energy reform, and the issue is divisive within his own camp.
    Watch the full Cyberpunk 2077 gameplay demo

    Watch the full Cyberpunk 2077 gameplay demo

    The player and a partner are moving through the building in search of a particular target that's only referred to as "the girl". Cyberpunk 2077 is one of the most anticipated games that comes following the success of The Witcher 3 .
    Paul Merson's Arsenal claim actually makes a lot of sense

    Paul Merson's Arsenal claim actually makes a lot of sense

    The sight of the former PSG and Sevilla coach in the dugout was always going to be a unusual one after 22 years of Arsene Wenger . Arsenal are without a Premier League win this season having lost their opening two fixtures against Manchester City and Chelsea .
  • Man United troubles intensify as Spurs win 3-0 at Old Trafford

    Man United troubles intensify as Spurs win 3-0 at Old Trafford

    United face a tough trip to Burnley this weekend before the worldwide break, when a third defeat on the spin would be unthinkable. A lot of our players have only had three weeks training but we want to build something special". "But football can be cruel.
    Samsung Unveils Galaxy A8 Star With Infinity Display At Rs 34990

    Samsung Unveils Galaxy A8 Star With Infinity Display At Rs 34990

    The new Samsung smartphone called Samsung Galaxy A8 Star has been announced and will go on sale exclusively on Amazon . It is equipped with 1GB RAM and 8GB of inbuilt storage space which can be further upgraded with a micro-SD card.
    Putin says latest US sanctions senseless

    Putin says latest US sanctions senseless

    Peskov said Putin had met his Security Council on Wednesday to discuss problems in U.S. -Russia relations ahead of the meeting between Bolton and Patrushev.


Liverpool vs Brighton & Hove Albion: Andy Robertson waxes lyrical about Alisson
Although it is a little unusual to hire a thrown-in coach, it's great to see Liverpool paying attention to every small detail. Liverpool , who were unbeaten in each of their last 22 Premier League games before the game, started in confident fashion.

Shane Doan set to service as pallbearer at McCain's memorial service
Russell served in the Senate from 1933 until his death and was known as a "senator's senator" due to his mastery of Senate rules. There, "military pallbearers and band support, and a horse and caisson transport" will partake in a funeral service at the U.S.

Vietnam Remembers McCain for His Role in Normalizing Ties with US
Twitter users also bashed Trump for sharing an Instagram post about McCain's death that featured a picture of himself. Trump, who had mocked McCain's war record, said he sent his "deepest sympathies and respect".

Pierre Gasly comments on feeling of replacing Daniel Ricciardo at Red Bull
I would be very very happy to come back to Japan to be honest. "We were always going to draw on the talent pool that we have". He told a news conference that "it was a decision that probably I started thinking about past year ".

"True Detective" drops new trailer for Season 3
He will also be sharing the writing credit on the fourth episode with Deadwood creator David Milch. True Detective lends itself very well to the anthology format, or so it appeared.

Lawmakers press for probe into Verizon's firefighter throttling
Verizon says it had "made a mistake in how we communicated with our customer about the terms of its plan". Santa Clara County Central firefighters saw their internet data flow slow down dramatically.

Aguero is the Premier League's best foreign import, says Shearer
In Portuguese pair Ruben Neves and Joao Moutinho, they possess classy compatriots, composed and capable of controlling matches . Coady added: "We were known for starting games well a year ago and we want to keep on doing that now".

Pakistan rejects United States statement on Pompeo-Khan phone call
Qureshi also denied having said that Pakistan would win the Kulbhushan Jadhav's case in the International Court of Justice (ICJ). Qureshi said a State Department statement issued after the call was "contrary to the truth".

USA oil extends gains after crude inventories decline
Despite the logistics changes, China , the largest Iranian oil buyer, has said it won't halt purchases as requested by the U.S. Brent crude oil futures LCOc1 were at $75.07 per barrel at 0424 GMT, up 34 cents, or 0.5 percent, from their last close.

Doomsday 'duck and cover' advice on no-deal Brexit comes under attack
International Trade Secretary Liam Fox recently said the likelihood of failing to reach a deal was "60-40". His message to ministers was "we need to categorically ensure that patients are going to be protected".