Mexico will never pay for Trump wall - economy minister

Hannah Rogers
January 13, 2018

Now that it has become known that the NAFTA negotiations are not on a path towards success at all the BoC might refrain from further rate hikes so as to avoid putting additional pressure on the Canadian companies with higher interest rates and as a result a possibly stronger CAD.

A transcript of the interview shows Trump saying of the negotiations: "We're moving along nicely", "There's no rush", "I'm leaving it a little flexible", "We have a chance of making a reasonable deal", "We've made a lot of headway".

"I told the president that it would be a paradox of enormous irony that during this time when we passed the tax bill and we're experiencing economic growth, that we all of a sudden find ourselves in a foreign recession that could dry all that out", Roberts said.

Mexican President Enrique Pena Nieto said on Thursday he is optimistic that the United States, Mexico and Canada can successfully renegotiate the North American Free Trade Agreement (NAFTA) to the mutual benefit of the three countries.

The Montreal talks are due to take place from January 23 to 28, though Castanon said some discussions would start from January 21.

"The U.S. has been very clear since before the talks started that invoking Article 2205 (to withdraw) was a possibility, and I think we need to take our neighbours at their word, take them seriously", Freeland said before the first of two days of meetings at a cabinet retreat in London, Ont. One person familiar with government thinking said some of the ideas related to auto content.

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A White House spokesman said on Wednesday there had been no change in Trump's position on NAFTA. The proposed wall will install fencing on 316 miles of the U.S. -Mexico border and bolster security along the other 407 miles.

Mexico had previously hinted it would exit NAFTA hours after Canadian officials claimed the USA will most likely pull out of the agreement.

Such an announcement by Trump would trigger a six-month countdown to the U.S. exit from NAFTA.

Progress is also possible on the sunset clause proposal, if it is watered down into an agreement to hold periodic reviews of the new deal. Trucks built there could be subject to a 25 percent tariff if the US exits NAFTA.

Trump's proudest boast is the performance of the S&P 500 and the Dow Jones index since he became president.

A relatively modest reversal would result because Canadian policy would not be static - the collapse of NAFTA would likely trigger looser monetary policy, a weaker dollar, new trade deals and adjustments to fiscal policy.

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