Trade talks on NAFTA agreement renegotiation
Dear traders,
U.S. and Mexican trade officials are believed to be close to an agreement which would pave the way to bring Canada back into negotiations on a revised North American Free Trade Agreement (NAFTA) as the incoming Mexican trade negotiator signaled possible solutions to NAFTA energy rules and a contentious U.S. “sunset clause” demand.
President Donald Trump tweeted on Saturday morning that the United States’ “relationship with Mexico is getting closer by the hour. Some really good people within both the new and old government, and all working closely together….A big Trade Agreement with Mexico could be happening soon!”
The U.S. and Mexico have been holding bilateral talks aimed at resolving their differences before bringing Canada back to the talks.
All three governments are hoping to reach a new NAFTA agreement in principle by the end of August.
Meanwhile, Washington is pressing the European Union to speed up trade negotiations launched after last month’s meeting between President Trump and EU Commission President Jean-Claude Juncker, two German and a U.S. official said on Saturday.
Emily Haber, Germany’s ambassador to the United States, told reporters a working group formed after the Trump-Juncker meeting had convened for the first time this week, and U.S. officials were pressing “for very rapid results”.
However, market focus is largely attuned to the next potential steps in the tit-for-tat trade dispute between the U.S. and China after two days of talks in Washington led by mid-level officials last week did little to resolve a worsening trade spat between the world’s two biggest economies.
U.S.-Sino trade-war fears have been simmering for months, with investors jittery over the prospects of further escalation in tensions between the world’s two largest economies having an impact on economic growth. (Investing.com)
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