Economy

Larry Kudlow: Canada Should Study Our Deal With Mexico

Larry Kudlow: Canada Should Study Our Deal With Mexico

President Trump announced an overhaul to the North American Free Trade Agreement (NAFTA), including a new name change to the deal.

Mexican President Enrique Pena Nieto wants to sign the agreement before leaving office at the end of November, and Trudeau faces a national election expected by October 2019.

The administration didn't go into specifics, but said the proposed United States-Mexico Trade Agreement is a "mutually beneficial win for North American farmers, ranchers, workers and businesses".

US President Trump threatened he could still put tariffs on Canadian-made cars if Canada did not join its neighbours.

Canada will be joining the talks after the USA and Mexico come to an agreement to replace NAFTA, which was signed in 1994.

"As a consistent advocate for free and fair trade, I applaud President Trump for bringing Mexico to the negotiating table", Estes said.

Senior administration officials also made clear on a call with reporters Monday afternoon that they were still pursuing a revised NAFTA trade agreement, though they maintained the possibility of a bilateral deal between the USA and Mexico if a trilateral deal with Canada can not be reached.

U.S. Trade Representative Robert Lighthizer told reporters Monday a TPA notice should be sent by Friday, triggering the 90-day period.

More news: Julie Bishop resigns as Australian foreign affairs minister

Cannabis stocks such as Cronos Group and Tilray were among the best performers for the Nasdaq, both climbing more than 20 percent in Monday trades on hopes of more deal-making between alcohol and cannabis companies. However, President Trump considers NAFTA "one of the worst deals" in trade history, and in his ongoing global trade war, he has mentioned wanting to rewrite the deal. "Progress between Mexico and the United States is a necessary requirement for any renewed NAFTA agreement".

But ex-reality star Trump was left scrabbling for help when the call failed to connect, saying: 'Enrique?,' only to get no response. Trump and some of his aides argued that Canada could be excluded from the agreement if they object to its terms.

He also said he wanted to get rid of the name Nafta, which he said has "bad connotations".

Shares of the largest U.S. automakers got a boost Monday after President Donald Trump said the USA and Mexico have reached an agreement on elements of NAFTA, marking a significant step toward reshaping the landmark trade deal.

"It's a lot of rhetoric, but ultimately he's doing the rhetoric that he's been doing since the beginning, that he'll slap on tariffs if we don't make some major moves on the importing of their agricultural goods". It also mandates 40 percent to 45 percent of content will be made by workers earning at least $16 an hour.

But Trump's claim was met with immediate pushback from the president of Mexico, who had been patched into the makeshift press conference by speakerphone.

She now is on a European trip but Guajardo said last week Freeland had indicated she would be available as soon as the United States and Mexico were ready to move to the next phase. They then would either agree to a new 16-year deal or the pact would expire. An aide to former Conservative trade minister Ed Fast argued that the only way Congress might approve such a deal is if Canada walked away from the negotiations, which the Trudeau government has consistently ruled out.

Under the current law, about 62% of the parts in any auto sold in North America must be produced in the region or automakers have to pay import taxes.


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