Money: Clear Path Ahead for U.S.-Mexico-Canada Trade Deal, Morneau Says - - PressFrom - Canada
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MoneyClear Path Ahead for U.S.-Mexico-Canada Trade Deal, Morneau Says

12:11  09 june  2019
12:11  09 june  2019 Source:   msn.com

Canada to present bill on ratification of new North American trade pact: source

Canada to present bill on ratification of new North American trade pact: source Canada to present bill on ratification of new North American trade pact: source

Finance Minister Morneau says Canada is cheering Trump’ s decision to suspend tariffs on Mexico . (Source: Bloomberg). While the United Kingdom’ s departure from the European Union is “not helpful” to the global economy, Morneau said Canada “will always have a strong trading relationship” with the

The US , Canada and Mexico have reached a deal to revamp the North American Free Trade Agreement ( Nafta), ending months of bitter dispute It comes ahead of the US midterm elections next month, which could be challenging for the president. The deal lowers the risk of higher import tariffs.

Clear Path Ahead for U.S.-Mexico-Canada Trade Deal, Morneau Says© Thomson Reuters U.S. President Donald Trump, Canada's Prime Minister Justin Trudeau and Mexico's President Enrique Pena Nieto attend the USMCA signing ceremony before the G20 leaders summit in Buenos Aires, Argentina November 30, 2018. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY U.S. President Donald Trump’s decision not to slap tariffs on Mexico over migration clears the path for the U.S.-Mexico-Canada trade agreement to move forward, said Canadian Finance Minister Bill Morneau.

The removal of that uncertainty and the U.S. cancellation of steel and aluminum tariffs on Canada have pushed the joint deal toward ratification, he said. Less clear is what’s ahead for world trade, and how any additional tariffs -- or threats of them -- will impact Canada and the global economy.

Pence in Canada as he looks to build momentum on trade deal

Pence in Canada as he looks to build momentum on trade deal OTTAWA — Vice-President Mike Pence has arrived in Canada as he looks to build momentum to get a new trade deal with Canada and Mexico passed. The visit comes after President Donald Trump removed steel and aluminum tariffs on Canada and Mexico, clearing a key roadblock to a North American trade pact Trump's team negotiated last year. The new trade deal, the U.S.-Mexico-Canada Agreement , was signed in November by Trump and the leaders of Canada and Mexico and is meant to replace the North American Free Trade Agreement. It needs approval from legislatures in the three nations. Several key U.S.

Less clear is what’ s ahead for world trade , and how any additional tariffs — or threats of them — will impact Canada and the global economy. “We’ll just deal with the world as it is,” Morneau told Bloomberg Television’ s Kathleen Hays in an interview Sunday, on the sidelines of the Group of 20

The US , Canada and Mexico have reached a deal to revamp the North American Free Trade Agreement ( Nafta), ending months of bitter dispute It comes Less clear is what’ s ahead for world trade , and how any additional tariffs -- or threats of them -- will impact Canada and the global economy.

“We’ll just deal with the world as it is,” Morneau told Bloomberg Television’s Kathleen Hays in an interview Sunday, on the sidelines of the Group of 20 finance ministers’ and central bank governors’ meetings in Fukuoka, Japan. “We don’t think tariffs are helpful in the conduct of global trade.”

As it tries to get the USMCA sealed, Canada is also in “a difficult moment” in its relationship with China, said Morneau. The two countries are entangled in several diplomatic disputes, including over Canada’s detention of the Huawei Technologies Co. chief financial officer, China’s high-profile imprisonment of two Canadians, and Chinese scrapping of Canadian canola purchases.

China Impasse

“We don’t have a clear step forward right now,” Morneau said of negotiations with China. “We have seen some pretty difficult issues.”

Pence says U.S.-Canada relationship has 'never been stronger'

Pence says U.S.-Canada relationship has 'never been stronger' Vice President Mike Pence says the U.S.-Canada relationship has "never been stronger," less than a year after a trade tiff had chilled the allies' historically warm ties. Pence is in the Canadian capital hoping to build momentum to pass a new trade deal with Canada and Mexico. President Donald Trump recently removed U.S. steel and aluminum tariffs on Canada and Mexico, clearing a roadblock to a North American trade deal that his team negotiated last year. The trade penalties were a sore point in relations that reached a low last summer when Trump called Prime Minister Justin Trudeau "weak" and "dishonest" after the Canadian-hosted Group of Seven summit of major industrial nat

Bill Morneau , Canada’ s finance minister, listens as Canadian Prime Minister Justin Trudeau, speaks during an event in Toronto, Ontario, Canada. (Bloomberg) -- U . S . President Donald Trump’ s decision not to slap tariffs on Mexico over migration clears the path for the U . S .- Mexico - Canada trade

U . S . chasing farm trade deal with Japan that could wipe out Canada’ s Pacific pact advantage: Clear path ahead for U . S .- Mexico - Canada trade deal U . S . President Donald Trump’ s decision not to slap tariffs on Mexico over migration clears the path for the U . S .- Mexico - Canada trade agreement to

Morneau said he’s hoping that a thawing of U.S.-China trade relations will help his own country and China come to terms.

While the United Kingdom’s departure from the European Union is “not helpful” to the global economy, Morneau said Canada “will always have a strong trading relationship” with the UK. The two countries traded more than $21 billion in goods last year, according to International Monetary Fund data.

Beyond trade, Morneau sees a Canadian economy that’s humming along with “really positive indicators,” including strong employment. Morneau wouldn’t confirm whether the government will expand the Trans Mountain Pipeline -- set to boost Canadian crude exports, especially to customers in Asia -- in an announcement due later this month. He said it’s “an important marker for our oil and gas sector.”

--With assistance from Theophilos Argitis.

To contact the reporters on this story: Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net;Yuko Takeo in Tokyo at ytakeo2@bloomberg.net

To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Henry Hoenig, Brett Miller

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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Trade, China sure to surface as Trudeau meets Trump, congressional leaders.
WASHINGTON — Justin Trudeau is headed back to the White House today in what could prove to be a pivotal visit to the U.S. capital not only for North American trade and Canada's strained relationship with China, but for the campaign-bound prime minister himself. An earnest end to the tensions between Trudeau and President Donald Trump, which erupted into full view following last year's G7 summit in Quebec, could prove useful to his governing Liberals when Canadians head to the polls this fall. The Oval Office meeting, Trudeau's third since Trump was elected in 2016, is aimed primarily at pushing the new North American trade deal over the finish line in both countries.

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