Donald Trump terminating NAFTA, negotiating with Canada

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

President Donald Trump has been negotiating with the U.S.'s neighbors to the north and south. Mexico, the USA, and Canada have been trying to negotiate a new trade deal for about a year.

Canadian Prime Minister Justin Trudeau said Wednesday that while a new trade agreement with the USA and Mexico could be reached by Friday, Canada will not sign it if it is not in the country's best interests.

Canadian Prime Minister Justin Trudeau stressed in a phone call with Trump that the aim is to reach a new NAFTA deal.

Of the $149 billion worth of auto parts imported into the United States past year, 48 percent came from Mexico and Canada, according to the U.S. International Trade Administration.

Donald Trump's administration is giving Canada until Friday to sign onto a bilateral trade deal between the US and Mexico or be treated as "a real outsider" against whom punishing tariffs on autos will be imposed.

Specifically, Trump called to congratulate Peña Nieto and himself on replacing NAFTA with what Trump called the United States-Mexico Trade Agreement. "To change objectives and negotiate a bilateral deal with Mexico means that he would have to terminate the NAFTA, because the NAFTA binds all three countries", Herman said.

"Canada has been frozen out of those bilateral talks in recent weeks and will now be under heavy pressure to give ground", Paul Ashworth, chief US economist at Capital Economics, said in a note. At one point, Trump mused that simply imposing punishing tariffs on Canadian cars would be easier. Trump said Monday he'd like Canada to join, but will move ahead without us if necessary.

Freeland cancelled her trip to Europe this week to return to the NAFTA bargaining table after the USA and Mexico agreed on numerous trade issues throughout their bilateral, summertime talks. It later morphed into the US-Mexico deal's requirement of 40 to 45 per cent of a vehicle's value to be made in high wage areas paying at least $16 an hour, requiring significant automotive production in the United States. The U.S. -Mexico agreement stipulates a 16-year NAFTA that would be reviewed and possibly extended every six years.

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"We had a NAFTA agreement that had gotten seriously out of whack, that led to large trade deficits and needed updating", Lighthizer said. If Republicans retain 51 of the Senate's 100 seats in November elections, they could approve a new NAFTA agreement next year without the support of Democrats.

"It seems like a set of things that are very easy for Canada to come in on", Brett House, deputy chief economist at Bank of Nova Scotia, said in an interview about what the US and Mexico agreed to.

Does Canada have to sign on, too? While nothing can be taken for granted with Trump, they provided some insight into USA administration's thinking moving forward.

The Trudeau government has repeatedly pledged to protect dairy farmers, but Canada has opened up limited access to its dairy market in previous trade talks, including its comprehensive pact with the European Union.

She was scheduled to meet later Tuesday with her Mexican counterpart, Economy Minister Ildefonso Guajardo. Under U.S. law, Trump must wait 90 days before signing the pact.

"Canada's got a very small window here in which to step up, and we certainly encourage them to do that".

An American demand for a sunset clause that would have killed NAFTA after five years unless the countries agreed to renew it was another deal-breaker for Canada. "And we gave 'till Friday and I think we're probably on track". "And farmers were really at the top of my list, because I think they've been treated very unfairly for many years - including by NAFTA - but very unfairly for many years, because they have barriers", Trump said.

Mexico agreed to eliminate a settlement system for anti-dumping disputes, NAFTA's Chapter 19.

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