Trudeau Suggests Trump’s Behaviour Is Why Canada Needs Chapter 19 In NAFTA

A New NAFTA Without Canada? Unions and Tech Push Back Against Trump's Mexico-Only Deal

Canada rejoined the talks with the aim of reaching a three-way pact, but Canadian Foreign Minister Chrystia Freeland abruptly ended the last round of talks on Friday with no deal, after derogatory remarks by Trump about Canada were leaked.

"There is no political necessity to keep Canada in the new NAFTA deal".

Canada and the U.S. need to present an agreed-upon text to the U.S. Congress by October 1 in order to join the deal the Trump administration has signed with Mexico.

Prime Minister Justin Trudeau called Mulroney, who has been advising the Liberal government throughout the NAFTA renegotiation, on Saturday.

Trump is under pressure from Republicans to preserve NAFTA as a deal among all three North American countries, but the president showed signs of chafing at the pressure from Congress.

Trump continued his tough talk throughout the weekend, and was unlikely to be in a more cooperative mood after trade data released Wednesday showed the United States deficit with Canada expanded, and deficits with China and the European Union hit new records.

Commercial trucks exit the highway for the Bridge to Canada, in Detroit, Michigan U.S. August 30, 2018.

The Trump administration wants to scrap a dispute-resolution mechanism that Canadian prime minister Justin Trudeau says is crucial.

Canada's consumer price inflation jumped to 3% in July on the back of the airfare component, but was expected to moderate back to 2% by early 2019, the BOC said.

"It would have been hard to justify a rate hike even if the economy warranted it today given the overhang of NAFTA uncertainty", said Royce Mendes, senior economist at CIBC Capital Markets.

"As I've said, we will not sign a deal that is bad for Canadians and, quite frankly, not having a Chapter 19 to ensure that the rules are followed would be bad for Canadians", he said.

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Everything seems to be taking their cues from the USA dollar, said Craig Jerusalim, portfolio manager at CIBC Asset Management. Negotiators failed to strike a deal last week.

Trump repeats his charge that Canada maintains "tremendous trade barriers". "We need a dispute resolution mechanism like Chapter 19 and we will hold firm on that".

The statement also pointed to other encouraging signs in Canada, including evidence the real estate market has begun to stabilize as households adjust to higher interest rates and new housing policies.

"If you break off one member of this agreement, you break it all, and that would be bad news for U.S. businesses, for American jobs and for economic growth", said U.S. Chamber of Commerce President and CEO Thomas Donohue.

Last week - after about a year of negotiations - Trump struck a preliminary trade agreement with Mexico and threatened to leave Canada out of an updated version of the three-country pact.

"The atmosphere continues to be productive and constructive", she said Wednesday evening, adding that both countries' officials would continue negotiating late into the night.

The ascent in the US Dollar Index (DXY) looks to be stalling despite persistent worries about global trade, weak emerging markets and the NAFTA talks between the US and Canada.

Trump almost tore up the NAFTA pact past year after visiting farmers in Wisconsin, a major US producer of dairy products that Washington says has been hurt by Canadian protectionism.

Talks with Canada aimed at bringing the top United States trading partner into the tentative deal struck with Mexico broke off Friday without success, but the parties agreed to continue talks this week.

But the United States business sector strongly prefers NAFTA remain a trilateral agreement.

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