NAFTA Negotiations could run into 2019, raising risk of termination
With consultations progressing slowly, some commentators are noting the possibility that NAFTA negotiations could drift into 2019. Under such a scenario, a statement of principles would only be available after Mexico’s presidential elections. One surprising possibility is, as Chris Brummer noted on hedged positions and twitter, that the United States may not need to explain its rationale for dumping NAFTA if Mexico does it first.
New TPP Agreement to Be Signed, Without the United States, in March
The 11 members of the Trans-Pacific Partnership will sign a new pact without the United States on March 8 in Chile after overcoming differences on outstanding issues, including a request by Canada on cultural protection, Japan’s TTP minister announced.
Canada anticipates "innovative" negotiations for NAFTA
Canada's minister of international trade has noted that the government intends to be "constructive" and "innovative" as the North American Free Trade Agreement renegotiations resume in Montreal. The Financial Post reports that Canada’s major issues include the dispute settlement mechanism and supply management.
Canada launches case against US at WTO
An important development in North American trade matters not involving NAFTA happened this week. According to Reuters, Canada launched a complaint against the US last week, challenging Washington’s use of anti-dumping and anti-subsidy duties. Nearly 200 examples of alleged U.S. wrongdoing were reportedly alleged, though interestingly, the examples did not concern China, but other trading partners including China, India, Brazil and the European Union.
US Trade Deficit Grows to Six Year High
US News and World Report has noted that the US trade deficit has grown to six year highs. As Chris Brummer notes on his blog, hedged positions, the deficit comes despite a weaker dollar and a turn away from regional and multilateral dealmaking.
Robert Zoellick argues Trump’s approach to trade risks “Economic Mayhem”
UK in talks to join the Trans-Pacific Partnership
After months of speculation, reports are emerging that the UK is in talks to join the Trans-Pacific Partnership to stimulate exports after leaving the European Union. A link to the story, along with analysis here.