Marshall shares insights on NAFTA negotiations

Loonie forecast to overcome trade worries and strengthen: Poll

Loonie forecast to overcome trade worries and strengthen: Poll

However, CBC is reporting the fall of the loonie is more centered on the ongoing negotiations between Canada, the USA and Mexico to update the 1994 North American Free Trade Agreement (NAFTA), and the more recent threat of exorbitant tariffs the Trump administration wants to impose on steel and aluminum. But at another point, she shot U.S. trade representative Robert Lighthizer a smile, saying, "We're getting to know each other quite well and I think we're becoming friends". "We're comfortable that we're going to manage through this so that it is not detrimental to our growth projections", he said.

That sparked global outrage and threats of retaliation, including from the European Union, and NAFTA-partner Canada which has the most to lose as the main provider of steel to the USA market.

Canadian Foreign Minister Chrystia Freeland said that as a U.S. ally and the main foreign supplier of steel to the U.S., Canada finds the planned tariffs unacceptable.

Instead, we've lost nearly 1 million jobs as a small surplus with Mexico and small deficit with Canada became a massive $176 billion NAFTA goods trade deficit in 2016. However, Trump tweeted on March 5, "Our friends and enemies have taken advantage of the US for many years", indicating he was resolved to apply the steel and aluminum tariffs to all nations. He noted that Mexico has presidential elections in July, the US faces midterm elections, and Canada has elections in Ontario and Quebec.

Mnuchin's remarks on Capitol Hill suggest that President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE won't agree to exempt two of the United States's largest trading partners from sweeping steel and aluminum tariffs without an upgrade of the 24-year-old North American trade pact.

Now we know the bottom line of this trade strategy: I'm bigger, so give me your lunch money. In fact, the statement noted that the group's members 'fear that the proposed tariff may do more harm than good.

"To complete NAFTA 2.0, we will need agreement on roughly 30 chapters".

Neither Canada nor Mexico signaled it would change course.

As well, tax changes have the potential to change the way Canadian companies structure global businesses and how they do business in the United States. Trump said the levies are necessary because America's steel and aluminum producers are being squeezed, posing a threat to national security in America's ability to manufacture weapons.

China, the country that Trump wanted to target most, would be one of the nations least impacted by the president's levies, Bown points out. Otherwise, companies will continue to move to Mexico to pay workers poverty wages and dump toxins and then import those products back for sale here. One of his major issues on the campaign trail in 2016 was the bad deal the USA was getting on trade agreements like NAFTA and the Trans-Pacific Partnership.

But, he said: "In spite of this hard work, we have not made the progress that many had hoped in this round. We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military", he wrote.

Canada will not follow the European Union and issue specific threats to the US over proposed steel and aluminum tariffs because it's still holding onto the hope that it will get an exemption from any such duties, CBC News has learned.

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