Optimism Rises as Canada, US Resume NAFTA Talks

4 takeaways from the U.S.-Mexico trade deal

About $332 billion of Canadian goods and services were exported to the United States. Volumes above that level would be subject to tariffs, auto industry officials and other sources said.

On Monday, Mexico and the USA made an informal deal to update the North American Free Trade Agreement (NAFTA), after five weeks of negotiating without Canada present.

Later Monday, Freeland spokesman Adam Austen said in a statement: "Given the encouraging announcement today of further bilateral progress between the USA and Mexico, Minister Freeland will travel to Washington, D.C., tomorrow to continue negotiations". -Mexican discussions, Canada's team is back in full force in the American capital for the first time since the spring and Freeland says the negotiators are intensively focused on finding new areas of compromise.

"Without Canada there can be no new "NAFTA" deal".

After withdrawing the US from the Transatlantic Trade and Investment Partnership, the Paris Climate Change Agreement and the Iran nuclear deal, Trump said he would scrap NAFTA because it had "bad connotations".

But that will mean compromises on both sides on issues that have created friction between the neighboring countries, notably Canada's dairy trade rules and mechanisms to settle disputes and intellectual property protections, as the leaders each try to claim victory.

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But Lighthizer wants to kill it, a point he repeated Monday, and Mexico doesn't feel strongly. US law requires a president to formally get Congress's approval for trade negotiations.

Freeland's spokesperson, Adam Austen, said the announcement was "encouraging". "I think it's an elegant name".

Canadian Foreign Minister Chrystia Freeland on Wednesday expressed optimism about ongoing trade talks with the White House, part of fast-moving negotiations in President Trump's push to rework the North American Trade Agreement.

"We have to realize he's still in a negotiation, so while he may have made progress on a bilateral relation with Mexico, there's Canada yet to go".

President TrumpDonald John TrumpKoch group pours almost M into ads to boost three GOP Senate candidates Gillum wins stunner and other takeaways from Arizona, Florida McSally prevails in nasty Arizona GOP Senate primary MORE spoke about the negotiations in similarly tempered tones on Tuesday. Both currencies gained against the USA dollar on Monday, but the peso weakened on Tuesday.

The Mexican government has also taken that position, even as it says it wants a trilateral deal. Canada can sign on up until that ratification, which could be at the end of November.

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The new trade deal between the USA and Mexico aims to catch up with the contemporary legal and regulatory environments of the technology sector.

Toomey said any new deal would need to include Canada in order for the legislation to pass with only 51 Senate votes, the so-called "fast track" under trade promotion authority laws. Mexico is the third largest US trading partner.

A key element of the US-Mexico talks has been content requirements for autos, which Mexico agreed to increase to 75 percent from North America to get duty free NAFTA treatment.

Canada's dairy farmers operate under a protectionist system that manages supplies and prices, and imposes high tariffs to limit imports.

"There's been some very positive progress particularly on autos and we're glad to be engaging as we have been", he told reporters Tuesday in Longueuil, Que.

"We're pushing hard to conclude an agreement that is win, win, win - a modern and progressive agreement that is in line with our values and our ambitions and that will benefit not only Canadian businesses but all Canadians", he said.

Mexico minister says trying to get NAFTA deal as soon as possible
It remains unclear how USA and Mexican negotiators would frame any announcement about the completion of work on their issues. Companies operating across North America have anxious that some of Trump's demands could hurt the region's economy .

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