As clock ticks, Canada and U.S seek ways to salvage NAFTA

As clock ticks, Canada and U.S seek ways to salvage NAFTA

As clock ticks, Canada and U.S seek ways to salvage NAFTA

"I heard the word multiple times: 'Canada is coming down here to get embarrassed, ' " the person said.

After being absent from a month of U.S. That won't come without costs, but now we have a better idea of what they are.

Auto stocks soared and financial markets firmed on the expectation that Canada would sign on to the deal by the end of the week and ease the economic uncertainty caused by U.S. President Donald Trump's repeated threats that he would ditch the 1994 accord.

"There's a lot of documents and a lot of texts to dig into in terms of what has been worked on by Mexico and the United States", Trudeau told reporters in Montreal-area Longueuil.

Canada is due to rejoin the NAFTA discussions on Tuesday and has said it also wants to have its say on the new rules.

Markets appear unconcerned, with Canadian auto-parts makers Linamar Corp. and Magna International Inc. extending gains Tuesday - signaling a bet Canada will make the cut on a final deal and that the Mexico problems were the biggest ones that needed fixing. But that doesn't do anything to clear up the other sticking points that have clogged NAFTA talks for more than a year, notably including Trump's longstanding demand for better access to Canada for USA dairy exports.

A Globe and Mail report late Tuesday, which cited unnamed sources, said Ottawa was prepared to make concessions to Washington on Canada's protected dairy market.

Guajardo said "at the moment" the new rules governing exports of such light vehicles would "kick in" from January 2020. The same tariffs were applied to Canada - the top foreign source of both metals to the US - and Trudeau's team will be looking for an exemption as part of any deal. That is a far cry from the original USA demand.

The preliminary agreement announced Monday allows carmakers to import vehicles duty-free if 75 percent of the content is made in the us and Mexico.

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Glen is calling for the price-to-earnings ratio for shares in the Guelph, Ont. -based company to reach 62 per cent. On the surface, this sounds like something Canada can manage.

The two sides also agreed that 40-45 percent of vehicles must be made at "high wage" factories where workers receive $16 an hour, something that could deter off-shoring USA auto manufacturing to Mexico. The U.S. president often rails against Canada's system of dairy quotas and tariffs, known as supply management.

While critics said Canada had been frozen out, Freeland has repeatedly stressed to reporters that she remained in close touch with her U.S. and Mexican counterparts throughout the summer and had already achieved "a high-level agreement with the US" on some the pending issues on autos and labor rights.

After a year-long negotiation process, the USA and Mexico on Monday agreed to a deal to replace NAFTA.

Freeland, who has been leading Ottawa's negotiating team this week in Washington, said she's optimistic about the "intense" talks now under way in the accelerated search compromise on NAFTA.

By agreeing publicly to terms with Mexico, the US puts pressure on Canada. But it's also shown its hand. This gives Canadian negotiators a much better understanding of the USA bottom line. That's a potential advantage for Canada.

"America's natural gas and oil industry depends on trade to continue to grow and our economy, and deliver for consumers". If and when a deal is reached, the least important factor will be what it's called.

"There is room to negotiate some kind of concession", she said, but added: "There are cumulative effects of each bit of access that is granted through various trade agreements".

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