The new deadline approaches for a new NAFTA document to be delivered to the US Congress for approval. Even though Mexico and the US boasted about having reached an understanding, Canada is still not convinced about the proposal and is apparently in no rush to sign anything. To put it simply, the country is at a “better no deal than a bad deal” position at the moment.
Want to know more about last week’s news? Keep straight ahead.
Canada Refuses to be Bullied
October 1 is the last deadline for the US Congress to receive a revised text to renew NAFTA but the Canadian government says it will not be pressured into signing a bad agreement.
US Trade Representative Robert Lighthizer and Canada’s Foreign Relations Minister Chrystia Freeland met again in Washington DC on Wednesday to follow up on NAFTA discussions. However, after two days of negotiations there is still nothing defined on the most controversial topics. Freeland says the Canada wants an agreement to benefit the country, regardless of the time it takes to reach it.
Canada is demanding similar protection to what Mexico has against the US regarding possible export restrictions following Section 232 measures on the basis of national security threats.
More Shots Fired
US slaps more tariffs on China and escalates trade war. Starting on September 24, a new tariff of 10 percent will be enforced to Chinese imports worth US$200 billion. The rate will increase to 25 percent on Jan. 1, 2019.
According to the International Monetary Fund, these new tariffs and the countermeasures implemented by China worth US$110 billion will have a negative impact on both economies.
The Renault-Nissan-Mitsubishi Alliance established a collaboration with Google to introduce Android technology into their cars. These developments will be available starting in 2021.
Andy Palmer, Executive President of Aston Martin announced the company will have its IPO in October raising up to US$1.67 billion.