Economy

Trump delaying NAFTA deal until after midterm elections

Trump delaying NAFTA deal until after midterm elections

"That's what we do and I'm glad to do it", said Trudeau.

"Canada and Mexico are close friends and longtime partners. I think NAFTA is dormant for the next six to 12 months". "And this is not a way to treat friends".

That effort is expected to intensify following Monday's election win by Andres Manuel Lopez Obrador, who has already said he supports the continued renegotiation of NAFTA and wants his own team of experts to be part of the talks before he takes office December 1. I have a feeling he's going to be fine.

USA steel tariffs, which went into effect on June 1, are expected to be particularly painful for Canada.

But the NAFTA talks have been stalled for several weeks and Lopez Obrador enters the scene as tensions between Canada and the United States have intensified as the two countries have become embroiled in a trade dispute. "The United States is a country with significant national security challenges and only by having a Canada and Mexico that are cooperative can they actually get things done".

When it comes to the ongoing re-negotiation of North American free trade agreement, Trump says he's going to wait until after November's mid-term elections, adding that he could quickly sign an agreement with Canada and Mexico but he's not, saying he is not happy with the current deal. "Make no mistake about it".

Trudeau also spoke Friday with Mexican President Enrique Pena Nieto to keep him up-to-date on Canada's response to the US tariffs. "It has really hit their bottom line", he told Cullen Tuesday. "In any event, they are coming along very well".

More news: Rallies today throughout the Bay Area protesting separation of families

Canada officially implemented tariffs on about $12.5 billion worth of U.S. goods Sunday, the latest offensive in the growing trade battle between the United States and other major economic powers.

Tens of millions of dollars worth of tariffs went into effect over the weekend, as a trade war between the U.S. and Canada heats up.

President and CEO of the Detroit Regional Chamber Sandy Baruah joins Power & Politics to discuss Canada's decision to slap retaliatory tariffs on American products.

Last week, the European Union imposed additional tariffs of 25% on US products such as motorcycles, orange juice, bourbon, peanut butter, cigarettes and denim.

Baruah expressed concern over the Trump administration's threat to impose further tariffs, this time on the auto industry, He noted that 25 to 35 per cent of a vehicle assembled in the U.S.is composed of parts from around the world. The U.S. Commerce Department is expected to hold hearings on auto tariffs in late July and to complete its investigation into auto imports later this summer.

"The economy is doing perhaps better than ever before, and that's prior to fixing some of the worst and most unfair Trade Deals ever made by any country", he tweeted.

"The first rule of a new NAFTA is: first, do no harm".


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