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New NAFTA deal sought between USA and Canada, World Business Report

New NAFTA deal sought between USA and Canada, World Business Report

Trump almost tore up the Nafta pact past year after visiting farmers in Wisconsin, a major U.S. producer of dairy products that Washington says has been hurt by Canadian protectionism.

Trump's frustration spilled into the open over the weekend as he railed against Canada on Twitter - as well as its many supporters in both political parties.

At the same time, Trump needs a win on trade ahead of the US midterm elections in November that will test the president's ability to keep control of Congress.

The US and Canada are making "good progress" on the revision of the continental free trade deal but talks will continue to resolve remaining issues, Canada's Foreign Minister Chrystia Freeland said Wednesday.

Last week, the USA and Mexico reached a preliminary agreement to replace the 24-year-old North American Free Trade Agreement.

Canada is the United States' second biggest trading partner in dairy, after China.

At another White House event, said needs the deal more than the USA needs it. Trump had hoped unions would lean on Democrats to back his approach. "Congress should not interfere w/ these negotiations or I will simply terminate NAFTA entirely & we will be far better off", he tweeted on Saturday. USA stocks were poised for modest losses at the open with Dow futures and the broader S&P; 500 futures 0.3 percent lower. If the Trump administration meets congressional objectives for a trade deal they can fast-track a new NAFTA through Congress without lawmaker changes.

Data released on Wednesday showed the United States trade deficit hit a five-month high of US$50 billion.

"And we know we have a president who doesn't always follow the rules as they're laid out", Trudeau said.

The emergence of the cultural exemption as a bone of contention at this stage in the talks surprised those who have followed NAFTA closely.

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The overall goal is to reach a deal by a December 1 deadline so Congress can give its approval to a new NAFTA before Mexico's new president takes office.

One of the major sticking points in the talks is a so-called dispute resolution system, contained in Chapter 19 of the original NAFTA agreement.

But the issue has been overshadowed by higher-profile obstacles, such as US access to Canada's dairy market, dispute-settlement mechanisms and the proposal that NAFTA 2.0 contain a sunset clause.

Canada has used the mechanism to fight off USA antidumping duties. USA crude prices settled 1.4 per cent lower at $67.77 a barrel.

Trump touted the strength of the US economy, saying new USA trade deals could help economic growth exceed a second-quarter Growth Domestic Product (GDP) growth rate of 4.2 percent.

Trump has threatened repeatedly to leave Canada on the sidelines and proceed with Mexico, which reached a deal with Washington last week and could sign NAFTA 2.0 as soon as November 30. -Canada negotiations before then could put things back on track.

The U.S. and Canada resumed negotiations Wednesday to hammer out the final details of an updated North American Free Trade Agreement (NAFTA) before an end of September deadline. "And the question will be whether Mr. Trump can bring himself to agree to that".

There were few signs, however, that a deal was close to being struck and comments by Canadian Prime Minister Justin Trudeau on Tuesday indicated there would be little compromise from Ottawa on its red-line issues. This could provide ammunition to Trump, who has accused Canada of "cheating" Americans.

More than two-thirds of Canadian exports go to the United States, equivalent to 20 percent of its GDP, while Canada is the largest export market for the United States.

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