Two reasons why a NAFTA deal could be imminent

Will Trump's NAFTA Deal Benefit Automakers

Under congressional rules for passing trade agreements the administration must publicly release text of the agreement 60 days before any signing, meaning wrapping up the US-Canada negotiations before then could put things back on track.

Trudeau's comments came as Foreign Affairs Minister Chrystia Freeland returned to Washington to meet with U.S. Trade Representative Robert Lighthizer.

Growing concerns over a possible escalation in global trade conflict continued benefitting the US Dollar's safe-haven status and turned out to be one of the key factors behind the pair's positive momentum for the fifth consecutive session. As long as other countries levy tariffs on USA produced goods, we must also have the ability to do the same to ensure fairness to American companies and workers.

The two lead ministers on the North American Free Trade Agreement held their own lengthy meetings in Washington on Wednesday - talks that Freeland characterized as productive and constructive.

Using the dubious example of his own success in convincing Ronald Reagan to do something the US president had already announced he wanted to do in his inaugural address, namely open trade from the Yukon to the Yucatan, the former Canadian prime minister advised Justin Trudeau to develop a close, personal relationship with Trump.

The Canadian dollar strengthened against the greenback on Thursday, recovering from a almost seven-week low earlier in the day after a senior Bank of Canada official said the central bank had discussed the pace at which it could raise interest rates.

"If we don't make a fair deal for the USA after decades of abuse, Canada will be out, " he wrote. "Canada will not be signing a deal unless it is in the interest of Canadian workers, the Canadian middle class, and Canadians in general". Chapter 11 lets investors sue governments and Chapter 20 deals with country-to-country disputes. US crude prices settled 1.4 per cent lower at $67.77 a barrel.

Trump notified Congress that he meant to sign the agreement by the end of November and officials said the text would be published by around October 1.

"I'm not blaming Canada".

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With a pledge to resume talks next week, Freeland spoke of progress, of optimism and of her determination to get a deal that's good for Canadians - a remarkable show of restraint on a day that began with another blast of now-familiar Trump bombast that landed like an anvil on the negotiating table.

That too was entrenched in the original Canada-U.S. free trade deal that preceded NAFTA.

President Donald Trump is threatening to move ahead on a deal that excludes Canada, but he also needs a win on trade ahead of midterm elections in November that will test his ability to keep control of Congress.

Canada had agreed to grant USA and other foreign dairy producers greater access to its market during negotiations over the ill-fated Trans-Pacific Partnership, which Trump withdrew the United States from during his first days in office.

USA negotiators want to kill Chapter 19 and tabled a proposal last October to remove it from a modernized agreement. "It would be a giving up of our sovereignty and our identity and that is something that we will simply not accept", Trudeau said in a press conference on Tuesday."We've made it very clear that defending that cultural exemption is something fundamental to Canadians".

"We need to keep the Chapter 19 dispute resolution because that ensures that the rules are actually followed".

Trudeau has deemed the cultural exemptions a red line and something that must be included in any new agreement.

The notice had to be sent Friday in order for Mexico's outgoing government to sign the new deal before it leaves office December 1. Canada now faces a serious threat of trade and investment diversion over time if Mexican producers have tariff-free access to the US while Canadian producers do not.

But the issue has been overshadowed by higher-profile obstacles, such as US access to Canada's dairy market, dispute-settlement mechanisms and the proposal that NAFTA 2.0 contain a sunset clause.

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