US President Donald Trump and his Mexican counterpart, Enrique Peña Nieto, announced on Monday a breakthrough in trade negotiations between the two countries.
Last year, the Trump administration unveiled its goals for renegotiating the North American Free Trade Agreement, a deal that reshaped trade between Canada, Mexico and the United States.
Following Trump's announcement, Trudeau's office issued a statement saying the prime minister spoke with Pena Nieto on Sunday about NAFTA's renegotiation and "shared their commitment to reaching a successful conclusion to this agreement for all three parties".
"Trade Representative Robert Lighthizer appears to have weakened US demands that the new deal should include an automatic five-year break clause, under which the agreement would need to be explicitly renewed by the legislative bodies in each of the three countries", Ashworth said. But Trump suggested she would have to agree to terms fast, or he'll simply slap tariffs on Canadian auto exports to the U.S. "I think NAFTA has a lot of bad connotations for the United States because it was a rip off".
"Canada shouldn't have a problem signing on to this", Ashworth said.
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Details of the U.S. -Mexico agreement were expected to be unveiled later Monday. "Canada's signature is required", spokesman Adam Austen said.
Cannabis stocks such as Cronos Group and Tilray were among the best performers for the Nasdaq, both climbing more than 20 percent in Monday trades on hopes of more deal-making between alcohol and cannabis companies. According to one 2013 study, NAFTA was directly responsible for raising the USA trade deficit with Mexico from $17 $177 billion, and cost the U.S. over 850,000 jobs.
"We have to realize he's still in a negotiation, so while he may have made progress on a bilateral relation with Mexico, there's Canada yet to go".
Canadian Vehicle Manufacturers' Association president Mark Nantais said it was time for the Canadian government, which has been excluded from the talks between the USA and Mexico in recent weeks, to get back to the table. Many manufacturers have built complex but vital supply chains that cross all three NAFTA borders. The trade minister said South Korea was analysing the deal's impact on its auto industry.
"I think with Canada, frankly, the easiest we can do is to tariff their cars coming in", Mr Trump said.
Trilateral trade between the three countries has exceeded $1tn annually in recent years, according to a 2017 report by the US' Congressional Research Service, with Canada and Mexico ranking in the top three largest buyers from, or suppliers to, the US in 2016.
Before the president's announcement, Lightizer and Mexican Secretary of Economy Idelfonso Guajardo walked together into the White House without talking to reporters.
Regardless of the roiling debate about US trade law and negotiating tactics, Trump's imperiously dismissive tone about Canada today leaves little doubt the Washington-Ottawa relationship is badly frayed.