Farms.com Home   News

Canada still enjoys old NAFTA benefits as new deal awaits ratification: Freeland

OTTAWA - Foreign Affairs Minister Chrystia Freeland says Canada has kept its privileged access to the U.S. market even as the new North American trade deal hangs in the balance.
 
That was Canada's core goal all along as it sat down with the United States and Mexico to renegotiate NAFTA in August 2017, she said Tuesday.
 
The leaders of all three countries signed the deal last fall but its formal ratification remains uncertain amid political jockeying in and between the U.S. and Mexico. Freeland is hinting the government isn't worried about the way forward, saying Canadians can continue to enjoy the benefits of the existing 25-year-old North American Free Trade Agreement, which remains in place.
 
That wasn't the case with recently completed free-trade deals with the European Union and 10 Pacific Rim countries because they had to be ratified before Canadians could enjoy access, she said.
 
"NAFTA is an entirely different situation," she said after a Tuesday cabinet meeting on Parliament Hill. "The Canadian objective from the outset has been to maintain Canada's privileged access to the U.S. market, which is so valuable to all Canadians. We have been quite willing to consider modernizations, improvements, but our core objective has always been to keep that access in place."
 
Mexican lawmakers recently told The Canadian Press they're OK with the status quo if the new trade pact can't be ratified.
 
The apparent laissez-faire positions of Canada and Mexico ignore one other fact: that President Donald Trump could serve a six-month notice he's pulling out of NAFTA.
 
Freeland is to appear before the Senate foreign affairs and trade committee later Tuesday.
 
A Canadian ratification deadline in June is looming because Parliament will break then and won't reconvene until after the October federal election.
Click here to see more...

Trending Video

U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!