Canadian dollar softens on Trump's NAFTA comments, weaker oil prices

NAFTA Round One Gordon Johnson Weighs In On Free Trade's Effects On Steel Manufacturing

"The governor believes that in the end the Trump administration will see the benefit of an improved NAFTA that will be good for jobs and the economy in the US and Texas".

He suggested a termination might help jump-start the negotiations, saying "I personally don't think you can make a deal without a termination".

Mexican and Canadian leaders have framed their aims as "modernizing" NAFTA to better reflect how trade works now, including adding guidelines for e-commerce.

At least 700,000 Americans have lost jobs due to changing trade flows resulting from NAFTA, Lighthizer asserted. The deal involves Canada, the USA, and Mexico.

It's conceivable, but not likely in Ujczo's view, that American negotiators could use the notice to signal to their NAFTA partners that they might be flexible on expanding procurement, depending on the feedback they get from industry.

"What we've seen over this last week or so in financial markets has been a bit of wiggling around regarding the USA political situation", said Paul Eitelman, multi-asset investment strategist at Russell Investments in Seattle.

"Personally, I don't think we can make a deal, because we have been so badly taken advantage of, they have made such great deals, both of the countries, but in particular Mexico, that I don't think we can make a deal". Jeff Flake, R-Arizona, a strong proponent of NAFTA, said in an emailed statement that he "will continue to speak up for the countless Arizonans whose jobs and businesses rely on the billions of dollars that NAFTA injects into our state's economy".

In this respect Videgaray commented that the United States citizens consider that the economic interests of their country are being affected.

Initial talks between Mexico, the United States and Canada to update NAFTA ended in Washington over the weekend amid signs of deep division on key issues.

Hours before Trump spoke, Iowa Senator Charles Grassley told reporters the administration was pursuing an aggressive schedule in the talks and that the ideal outcome would be an early agreement on modernizing the 1994 pact.

The source involved in the talks, who was not authorized to speak publicly, said there had been no drama as the three countries exchanged proposals.

"I think courts are going to be sympathetic to the idea that the president can't ignore the legislation that implements these trade agreements".

The Trump administration's discontent with NAFTA as it stands implies that Canada should be wary of considering the existing agreement to be the fallback option if renegotiations turn sour (see a recent Fraser Institute paper by Steven Globerman and Christopher Sands). Canada expects "moments of heated rhetoric", during the discussions, its Foreign Ministry said.

Lighthizer said he wants provisions to protect against dumping of low-priced products and unfair competition from state-owned enterprises.

"Greenbrier has never moved a single job from the United States to Mexico", CEO William Furman said in a letter to the US trade representative.

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