US Dollar Uptrend Bolstered as HKMA Sours Markets, CAD Eyes NAFTA

US Dollar Uptrend Bolstered as HKMA Sours Markets, CAD Eyes NAFTA

The 24-year-old NAFTA is a trilateral deal between the United States, Canada and Mexico that underpins $1.2 trillion in North American Trade.

US Trade Representative Robert Lighthizer said the White House was ready to notify the US Congress by Friday of President Donald Trump's intent to sign the bilateral document, but that it was open to Canada joining the pact.

Addressing reporters in the White House Oval Office on Wednesday, Trump praised the preliminary agreement as an "incredible deal" for both countries.

Trump may yet get Canada and Mexico to agree to a new deal, but the announcement Monday was part of the process, not, as Trump seemed to suggest, the end result.

"Canada is encouraged by the continued optimism shown by our negotiating partners", said a spokesperson for Canadian Minister of Foreign Affairs Chrystia Freeland.

"I like to call this deal the United States-Mexico trade agreement", he said.

Another key part of the new trade deal increases the percentage of a vehicle that must be made in North America to qualify for lower-tariff import into the USA. Yet it is far from final. Instead, the United States and Mexico agreed to a 16-year lifespan for NAFTA, with a review every six years that can extend the pact for 16 years more, providing more business certainty.

The US-Mexico discussions focused on crafting new rules for the automotive industry - which Mr Trump has put at the heart of his drive to rework trade pact (which he has repeatedly called a "disaster") for American workers.

Major currencies gained against the USA dollar, which has been a safe haven from months of trade tensions.

Girona pay penalty as Real come from behind
The Belgium worldwide , who had always been the Blues No.1 goalkeeper has been relegated to the bench at Real Madrid . The Belgian goalkeeper swapped Premier League side Chelsea for the European champions in a recent £35m deal.

Behind the scenes, though, the Trump administration is attempting to get Canada to sign off on a trilateral deal, and Trump's words could be viewed as a threat for Canada to get onboard as quickly as possible.

But Prime Minister Justin Trudeau has insisted his government will only sign a deal that's good for Canada.

Republicans in the US Congress are up for re-election in November, and they want to ensure farmers and other voters - whose jobs depend on trade with Canada and Mexico - that the deal is sealed. "It could end in one day and we take in a lot of money the following day", Trump said. US trade officials described the agreements reached over the weekend with Mexico as a big improvement over the current free trade pact between the three countries.

Trump responded by saying that he would call Canadian Prime Minister Justin Trudeau soon, and that the USA would be open to including its northern neighbor in the new deal if it "wants to negotiate fairly".

Adam Austen also wrote in an email that Canada would continue to work toward a modernized NAFTA.

Most Mexican auto exports are in a position to comply with the new limits, the country's economy minister said. While the country posted its best month of worldwide trade ever in June - with a record level of exports headed south of the border - a significant hit to the trade file could jeopardize that performance, Shenfeld cautioned.

"This is something very positive for the United States and Mexico", Pena Nieto replied, saying he is looking forward to toasting Trump with tequila to celebrate, expressing to his American counterpart that he is "really grateful and greatly recognize and acknowledge your political will in all of this".

"You know, they have tariffs of nearly 300 percent on some of our dairy products, and we can't have that", Trump said of Canada.

"The supply chains that have built up over the years, which cross the three countries regularly and efficiently, would be compromised, costing everybody more if those were to be undermined", he said.

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