Markets

Global stocks soar on US-Mexico trade breakthrough as Canada is sidelined

Global stocks soar on US-Mexico trade breakthrough as Canada is sidelined

The Trump administration and Mexico have reached a preliminary accord to replace the North American Free Trade Agreement with a new deal that would be meant to encourage more manufacturing in the United States.

US and Mexican officials are reportedly hoping that the progress they've made will entice Canada, America's No. 2 trade partner, to rejoin the talks, Burrell reported.

New name: The new deal between the us and Mexico will aptly be called the United States-Mexico Trade Agreement, doing away with the NAFTA name, which Trump claims has "bad connotations", per Reuters.

The U.S. -Mexico deal would require 75 percent of auto content to be made in the United States and Mexico, up from the current level of 62.5 percent.

Nor will the Canadians be concerned about Mexico agreeing that for 40 per cent of content in autos, workers be paid $16 an hour, virtually tripling the cost of Mexican labour.

The tentative agreement would revise details in the North American Free Trade Agreement, which Trump vehemently opposes and wants to scrap in favor of a new trilateral deal, or separate bilateral deals with Mexico and Canada.

"We are in regular contact with our negotiating partners, and we will continue to work toward a modernized NAFTA", Austen said. He says, "We will only sign a new NAFTA that is good for Canada and good for the middle class", adding that, "Canada's signature is required".

Leaders of five major U.S. trade unions - the United Auto Workers, AFL-CIO, United Steelworkers, Communications Workers of America and the International Association of Machinists and Aerospace Workers - applauded the U.S. Mexico deal in a joint statement, but warned, "There is more work that needs to be done to deliver the needed, real solutions to NAFTA's deeply ingrained flaws". One reason is USA trade law, which likely lays out an easier path for approving a three-nation trade deal. He said in a Monday Oval Office conference that NAFTA had harmed American workers.

The U.S. Congress wouldn't vote on it until next year - after November midterm elections that could end Republican control of the House of Representatives. Lighthizer argued he could - either give notice "that leaves open the possibility of Canada joining", or proceed without Canada if the country "elects not to join", he said.

Trump's easing of coal rules could kill 1,400 people per year
More CO2 emissions means more of the other harmful stuff. "Climate change is real", McCarthy said in a statement . But it remains on the books as part of the EPA's legally mandated role in curbing greenhouse gas emissions.

In an interview with BNN Bloomberg, Heyman said there are three possible outcomes as Canada rejoins North American Free Trade Agreement talks.

Trump backed off from an initial USA demand for a "sunset" clause that would kill the pact unless it was renegotiated every five years and which businesses said would stymie long term investment in the region.

The deal with Mexico centers on rules surrounding the automotive industry.

The White House said Mr Trump will sign the deal in 90 days.

But in the announcement with Mexican officials, Mr. Trump took a hard line and said Ottawa would be left on the sidelines.

Speaking about Canada, Mr Trump threatened to slap tariffs on Canadian cars if he does not get what he wants.

Mexico and Canada have stood firm on the importance of maintaining the trilateral format of the NAFTA free trade deal, even as Trump has signaled a desire for individual deals with each country.

The United States Trade Representative said only that they've reached a "preliminary agreement in principle, subject to finalization and implementation". "It has a bad connotation because the United States was hurt very badly by NAFTA for many years", President Trump said.

The 24-year-old trade agreement generally prevents the three parties from imposing tariffs on imports from one another. "Progress between Mexico and the United States is a necessary requirement for any renewed NAFTA agreement".


  • Incredible discovery of cave girl whose parents were different species

    Incredible discovery of cave girl whose parents were different species

    Denisova 11, as the newly discovered bone fragment is called, offers compelling clues into our own evolutionary history. Today, around two percent of DNA in non-Africans across the globe originates from humans' Neanderthal ancestors.
    Buttler, Stokes continue to frustrate India

    Buttler, Stokes continue to frustrate India

    England had made their own trouble the previous day when they lost all ten wickets in a remarkable afternoon collapse. He writhed in agony and then walked off, with an x-ray later revealing a small fracture to his left middle finger.
    Drake makes surprise hospital visit to sick girl

    Drake makes surprise hospital visit to sick girl

    He also posted a second snap of Sanchez sitting on her hospital bed and wearing a hat from his new Scorpion merchandise. Sofia is a patient at Lurie Children's Hospital in Chicago. "When you come here, I can show you".
  • Mass Shooter at Madden Tournament Was Gamer Who Lost

    Mass Shooter at Madden Tournament Was Gamer Who Lost

    Katz carried out his shooting rampage at the Jacksonville Landing complex at around 1.34pm on Sunday (local time ), police said. To all those and anyone watching I say this: "Pray for Jacksonville as we deal with this senseless tragedy".
    All the President's Men Are Flipping on Donald Trump

    All the President's Men Are Flipping on Donald Trump

    It appears that "substantial sums were paid for the Trump corporation to pay off, or to reimburse Mr Cohen", Fein said. But then, in a "Fox & Friends" interview , Trump began to dramatically play down his relationship with Cohen.
    Windows Phone 8’s, Windows 8’s days are numbered, literally

    Windows Phone 8’s, Windows 8’s days are numbered, literally

    A few years later, on July 1, 2023, it will be time for Windows 8 .x to fail to see app updates coming. July 1, 2023 - Microsoft stops the distribution of app updates to Windows 8 or Windows 8 .1 devices.
  • ED won the elections: ConCourt

    ED won the elections: ConCourt

    In a first for the country, the proceedings were broadcast live on state television. "Specifically, we are going to show Mr. Analysts had widely predicted the court would rule against the Movement for Democratic Change party's legal challenge.
    Pope gets tepid welcome on 1st day of Ireland visit

    Pope gets tepid welcome on 1st day of Ireland visit

    Photo: Tony Gavin 25/8/2018 Pope Francis waves to the waiting crowds as he travels in the Popemobile through Dublin during his visit to Ireland.
    Serena, Venus Williams could meet in US Open 3rd round

    Serena, Venus Williams could meet in US Open 3rd round

    Williams, who was the only woman on the list the previous year, dropped out of the chart while taking time off to have a baby. Forbes Magazine released its annual list of highest-paid female athletes on Tuesday and Williams took the top spot.
  • Trump sought his lawyers' advice weeks ago on possibility of pardoning Manafort

    Trump sought his lawyers' advice weeks ago on possibility of pardoning Manafort

    Manafort was found guilty of five tax fraud charges, one charge of hiding foreign bank accounts and two counts of bank fraud. Yanukovych fled Ukraine in 2014 amid massive street protests, causing Manafort's income to dry up, according to witnesses.
    A breakdown of the verdict on 18 counts in Manafort's case

    A breakdown of the verdict on 18 counts in Manafort's case

    Paula Duncan , a juror on the Paul Manafort trial appears on Fox News , Aug. 22, 2018.This courtroom sketch depicts U.S. He was ultimately convicted on 8 counts, with the juror's opposition causing the other 10 to be declared a mistrial.
    President Trump issues disaster declaration ahead of Hurricane Lane

    President Trump issues disaster declaration ahead of Hurricane Lane

    Lane was centered about 205 miles southwest of Kailua-Kona - or 290 miles south of Honolulu - and was moving toward the northwest. President Trump's declaration secures federal emergency response funding as well as Homeland Security and FEMA assistance.