something interesting

<  BACK TO Market Analysis

PIG TODAY-Donald Trump agrees not to pull out of Nafta 'at this time' in phone call with Mexican and Canadian leaders

Donald Trump has told the leaders of Mexico and Canada that he will not pull out of the North American Free Trade Agreement"at this time" after reports that the US president had drawn up an executive order to withdraw from the pact.

The White House made the surprise announcement in a read-out of calls on Wednesday with Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau. Describing the conversations as "pleasant and productive", the statement said: "President Trump agreed not to terminate Nafta at this time and the leaders agreed to proceed swiftly ... to enable the renegotiation of to the benefit of all three countries"

"It is my privilege to bring Nafta up to date through renegotiation," Mr Trump said. The Mexican government confirmed the conversation in a statement issued late on Wednesday.

"The leaders agreed on the convenience of maintaining the North American Free Trade Agreement and working together with Canada to carry out a successful renegotiation for the benefit of all three countries," the statement read.

The announcement came after reports that the president was considering issuing an executive order to pull the United States from the agreement as soon as Mr Trump's 100th day in office on Saturday. Trump had threatened to renegotiate the Nafta pact during the election campaign as he said it had destroyed American jobs, although he has backed off tough action in trade since taking office in January.

A disruption in trade between the three Nafta partners could wreak havoc in the auto sector and other industries, hitting profits at companies that have benefited from zero-level tariffs and Mexico's relatively low labor costs. It would also hit US agricultural exports hard.

The U.S. has a 60 billion dollar trade deficit with Mexico. It has been a one-sided deal from the beginning of NAFTA with massive numbers...

Trump has repeatedly vowed to pull out from the 23-year-old trade pact if he is unable to renegotiate it with better terms for America. He has long accused Mexico of destroying US jobs. The United States went from running a small trade surplus with Mexico in the early 1990s to a $63 billion deficit in 2016.

Trump has stopped short of a formal threat to kill Nafta so far, but legal experts say he likely has the authority as president to give a 60-day notice that America is exiting the pact. It was under an executive order signed by Mr Trump on Jan. 23 that the United States pulled out of the sweeping Trans-Pacific Partnership trade deal.

Trump recently ramped up his criticism of Canada and this week ordered 20 percent tariffs on imports of Canadian softwood lumber, setting a tense tone as the three countries prepared to renegotiate the pact.

Canada said it was ready to come to talks on renewing Nafta at any time.

"At this moment Nafta negotiations have not started. Canada is ready to come to the table at any time," said Alex Lawrence, a spokesman for Canadian Foreign Minister Chrystia Freeland.

Donald Trump has told the leaders of Mexico and Canada that he will not pull out of the North American Free Trade Agreement"at this time" after reports that the US president had drawn up an executive order to withdraw from the pact.

The White House made the surprise announcement in a read-out of calls on Wednesday with Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau. Describing the conversations as "pleasant and productive", the statement said: "President Trump agreed not to terminate Nafta at this time and the leaders agreed to proceed swiftly ... to enable the renegotiation of to the benefit of all three countries"

"It is my privilege to bring Nafta up to date through renegotiation," Mr Trump said. The Mexican government confirmed the conversation in a statement issued late on Wednesday.

"The leaders agreed on the convenience of maintaining the North American Free Trade Agreement and working together with Canada to carry out a successful renegotiation for the benefit of all three countries," the statement read.

The announcement came after reports that the president was considering issuing an executive order to pull the United States from the agreement as soon as Mr Trump's 100th day in office on Saturday. Trump had threatened to renegotiate the Nafta pact during the election campaign as he said it had destroyed American jobs, although he has backed off tough action in trade since taking office in January.

A disruption in trade between the three Nafta partners could wreak havoc in the auto sector and other industries, hitting profits at companies that have benefited from zero-level tariffs and Mexico's relatively low labor costs. It would also hit US agricultural exports hard.

The U.S. has a 60 billion dollar trade deficit with Mexico. It has been a one-sided deal from the beginning of NAFTA with massive numbers...

Trump has repeatedly vowed to pull out from the 23-year-old trade pact if he is unable to renegotiate it with better terms for America. He has long accused Mexico of destroying US jobs. The United States went from running a small trade surplus with Mexico in the early 1990s to a $63 billion deficit in 2016.

Trump has stopped short of a formal threat to kill Nafta so far, but legal experts say he likely has the authority as president to give a 60-day notice that America is exiting the pact. It was under an executive order signed by Mr Trump on Jan. 23 that the United States pulled out of the sweeping Trans-Pacific Partnership trade deal.

Trump recently ramped up his criticism of Canada and this week ordered 20 percent tariffs on imports of Canadian softwood lumber, setting a tense tone as the three countries prepared to renegotiate the pact.

Canada said it was ready to come to talks on renewing Nafta at any time.

"At this moment Nafta negotiations have not started. Canada is ready to come to the table at any time," said Alex Lawrence, a spokesman for Canadian Foreign Minister Chrystia Freeland.

lastest Articles

Market Analysis
USD/JPY upside could be losing momentum – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD now looks to a test of 1.1165 – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Speculation about the Brexit vote, assessing Chinese mixed figures, and the Fed's last rate hint
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB speakers advocated fiscal easing – Deutsche Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: The up move faltered just ahead of the 100-day SMA near 1.1140
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Slight consolidation here
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit talks drag on as key UK PM Johnson ally threatens hold-out – Bloomberg
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD still targets 1.1100 and above – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Boris on the brink of a Brexit deal, trade concerns reemerge, US Retail Sales eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
China: Widening divergence between CPI and PPI – ANZ
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
When is the UK jobs report and how could it affect GBP/USD?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD drops to session lows near 1.1010 ahead of ZEW
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Focus shifts to Brexit, IMF’s WEO, Earnings Season, and Chinese data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY technical analysis: Intraday positive move stalls near descending trend-channel resistance
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: EUR/USD breaks above 1.10 amid trade hopes – two week highs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EU Official: Eurozone budget should be around EUR 17 bln
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold holds steady in a range, just below $1510 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Surprise upside in Producer Prices – TD Securities
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD locked in a tight range and ready to explode, more likely to the downside – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD may recover as support is stronger than resistance — Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD is approaching the 4 month downtrend – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Markets see glass half full in trade, Boris bracing collapse in talks, and Powell's speech eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
JPY Futures: cautiously neutral near term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Scope for EUR/USD to test 1.10 in the near term – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: China limits scope for talks, EU skeptical on Brexit, and Trump's troubles mount
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar on Backfoot as US Data Disappoints
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Non-Farm Payrolls seen increasing by 125k in September - Nomura
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD brushes off equity turmoil – Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
China's Yuan to refresh decade lows as trade war drags on - Reuters poll
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: Remains under pressure around 4-week lows
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: NFP likely to gain 150k in September – TD Securities
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: Targets the 21-day SMA at 1.1000 in the near term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: On reversal watch – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD stays below 1.23 after UK Sept Manufacturing PMI rebounds to 48.3
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed’s Evans: US monetary policy needed some "repositioning" to align against risks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Recent Mid-East flare up adds to upside risks – ING
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOJ’s Kuroda: Downside risks in global economy heightening
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD eyes 1.0890 as the next downside target – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD remains offered around 1.10, looks to ECB-speak
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Easing back – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold trades with modest losses, just below $1530 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
UK: Further political uncertainty – Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold sits near 2-week tops, just above $1520 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD attempts a recovery post-IFO, still below 1.10
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
U.K. companies for sale — at a 13% discount
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Trump is not in a hurry - Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD comes under pressure and breaches 1.10 on PMIs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Week Ahead: Markets remain focused on geopolitical risks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold climbs further beyond $1500 mark, lacks follow-through
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOE prepares the ground
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD may free-fall if it loses this support line – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY consolidates near 1-1/2 month tops, comfortably above 108.00 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
RBA Minutes: Little more downbeat
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Range trading – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
UK’s Raab: EU claiming no detailed plans put forward is a diplomatic pressure exercise
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD climbs back closer to multi-week tops, comfortable above mid-0.6800s
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil surges, how will EMs react? - TDS
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead- Central banks the only game in town
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
JPY Futures: further downside on the cards
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD further upside not ruled out – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Hopes for a small trade deal boosts mood, EUR/USD digests ECB whipsaw, US consumer in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB press conference - September 12: Draghi speech live stream
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: ECB slashes rates by only 0.1% but announces QE, EUR/USD leaps, then crashes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Buckle Up, Get Set ...and GO!
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold trades with modest gains around $1490 level, lacks follow-through
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Germany’s Merkel: We still have every chance of orderly Brexit
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk tone improves on trade progress, focus shifts to ECB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: A test of the 1.1080 region looks unlikely near term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY consolidates recent gains to over 1-month tops, holds above 132.00 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: Rising odds for extra gains near term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Retreats After Jobs Miss and Higher Risk Appetite
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index Technical Analysis: The near-term constructive view stays intact above 97.96
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: Recovery stays firm. Next target at the 55-day SMA at 119.78
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold adds to Thursday’s steep decline, hits fresh 2-week lows
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR Futures: scope for extra gains near term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB Pres. Nominee Lagarde: ECB need not be guided by markets
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY climbs further beyond 129.00 handle, fresh weekly tops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
GBP Pairs Margin Requirement Change
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Poised to encounter the August low
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD should continue to find buyers on dips under 0.6700 – Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: Further selling should see 1.0839 re-tested in the near term. Rebound not ruled out on ‘oversold’ condition
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD could drop further and test 1.0930 – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: further downside not ruled out
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY down move over?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – New Tariffs Begin on China as RBA, BOC, Riksbank and CBR have rate decisions
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
China Steals Fed’s Thunder With New Round of Tariffs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD once again finds support near 1.2100 mark, turns neutral post-UK services PMI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Technical Analysis: The outlook remains bearish while below the 55-day SMA near 1.1230
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: China strikes back with yuan devaluation, yen surges, commodity currencies crash
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Focus shifts east
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Fed-fueled dollar dominates, GBP/USD fears BOE's Super Thursday, and more NFP hints eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY sits near 2-month tops, comfortably above 109.00 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE and global PMIs amongst market movers today
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY: a test of 109.00 stays on the table
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed: Market currently fully pricing a 25bps cut – Deutsche Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Tech Targets: GBP/USD, AUD/USD, NZD/USD -31.07.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold holds steady near $1425 area, focus remains on FOMC/US-China trade talks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoJ: No fireworks offered
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Tech Targets: EUR/USD, GBP/USD, USD/JPY - 30.07.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/GBP climbs to 2-week highs around 0.9020
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613