NAFTA negotiations continue in Washington as Friday goal nears

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"There are some important things we believe we have accomplished together with the United States and thanks to some significant compromises Mexico was prepared to make to support Canadian workers", Freeland said after her morning meeting with U.S. Trade Representative Robert Lighthizer. She and U.S. Trade Representative Robert Lighthizer had agreed to review progress early on August 30.

These are expected to continue for Mexico despite the new trade deal between the two countries. "It's a must-have", said Welles Orr, a senior global trade adviser at Miller and Chevalier, and a former Assistant U.S. Trade Representative.

But senior officials in his government rushed to Washington, D.C. when news of the deal broke: Foreign Affairs Minister Chrystia Freeland cancelled a European tour to attend negotiations, telling reporters in the American capital the Mexico-U.S. deal "sets the stage for some productive discussions".

"We believe this is a positive development for Canadian auto parts suppliers since the North American automotive industry will stay intact, and Mexican assembly plants will need to source parts from high-wage jurisdictions such as the USA and Canada", BMO Capital Markets analyst Peter Sklar wrote in a note to clients.

Canada's Foreign Minister, Freeland, released a statement prior to the USMTA news noting: "Canada is encouraged by the continued optimism shown by our negotiating partners". Then, Congress must wait for an economic analysis from the US International Trade Commission before it can vote to officially make the deal law.

The goal is to have the new deal signed by outgoing Mexican president Enrique Pena Nieto before his recently elected successor, Andrés Manuel López Obrador, takes office December 1. Justin Trudeau's Liberal government considers it a red line, and has regularly said so, and it was a potential deal-breaker in U.S.

The upcoming mid-term elections may put pressure on President Trump to ink a deal as soon as possible.

"A lot has been accomplished", she said, pointing out some of the areas that the United States and Mexico have already resolved.

When a USA president intends to sign a trade deal with another country, he has to notify Congress in 90 days, and then Congress must approve it.

Canada "wants to be part of the deal, and we gave until Friday, and I think we're probably on track", he said.

Trump has repeatedly complained about Canada's high tariffs on imported dairy.

"There is a possibility of getting to a good deal for Canada by Friday", Trudeau said.

Serious differences remain on other issues, including the dairy sector, how to settle disputes and a US proposal for a sunset clause.

The outlines of a NAFTA 2.0 are now on paper, including provisions on auto trade, tougher worker protections and a provision to review the deal every six years.

He also warned he would terminate the 24-year-old NAFTA, a treaty between Canada, the US and Mexico that has been economically significant for the continent. His remarks come at a time when supply management has become a hot political topic in Canada.

The orange blob (our president) actually made it a point to say that the USA will only now start communicating with Canada about this new deal.

Senate Republicans, including John Cornyn of Texas and Chuck Grassley of Iowa, have questioned Trump's decision to withdraw from the Trans-Pacific Partnership, which also includes Mexico and Canada.

The NAFTA renegotiations had dragged on for a year before the tentative agreement with Mexico was announced Monday.

A key element of the US-Mexico talks has been content requirements for autos, which Mexico agreed to increase to 75 percent from North America to get duty free NAFTA treatment.

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