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You can find the current article at its original source at https://www.theguardian.com/business/live/2018/oct/01/nafta-trade-deal-nikkei-manufacturing-uk-eurozone-business-live
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| Markets rally as Trump hails 'biggest ever' trade deal with Canada and Mexico - as it happened | |
| (35 minutes later) | |
| And finally, you can get up to speed with today’s trade news with this one-minute video. | |
| Nafta is no more. But what is #USMCA, the new trade deal Trump just touted? These are the highlights of the agreement pic.twitter.com/ET8cAh19zN | |
| That’s probably all for today (although I might pop back later for the close of Wall Street...) | |
| America’s chemicals industry doesn’t agree that Nafta was a disastrous trade deal. | |
| According to the American Chemistry Council, around 46,000 chemicals jobs depend on trade with Mexico and Canada, due to the free trade links created over the last few decades. Chemical exports to the two countries have more than tripled, from $13 billion in 1994, to $44 billion in 2018. | |
| The ACC explains: | |
| “The U.S. chemical sector has capitalized on duty-free trade under NAFTA ever since its inception, more than tripling U.S. chemicals exports to Canada and Mexico – from $13 billion in 1994, to $44 billion in 2018. Approximately 46,000 U.S. chemical jobs now depend on trade with Canada and Mexico. And due to the chemical industry’s early position in the supply chain, U.S. chemical manufacturers have exploited the cost savings from duty-free trade with Mexico and Canada in order to power growth throughout the supply chain and lower prices for manufacturers and consumers.” | |
| The ACC is now studying USMCA, but has already commended the negotiators for updating Nafta (despite Trump claiming Nafta is toast). | |
| Back in the markets, the Canadian dollar and the Mexican peso are holding onto their earlier gains against the US dollar. Shares are still up on Wall Street too, as investors welcome the USMCA deal. | |
| New record high for S&P500...Energy, materials, industrials, tech lead charge. #GE helped by new CEO news. Only utilities in red pic.twitter.com/VXX3maZUVD | |
| Fiona Cincotta, senior market analyst at City Index, says: | |
| The dollar weakened against the Canadian dollar which was boosted by Canada’s freshly minted trade deal with the US. The deal with the slightly less elegant name of United States-Mexico-Canada Agreement, or USMCA, will replace the existing NAFTA and will give the US access to the Canadian dairy market while capping Canada’s car exports to its southern neighbour. Taken as a sign that the US will be open to finding resolutions to its other ongoing trade disputes the deal prompted rallies across the US markets and caused the DJIA to climb 250 points. | |
| Donald Trump used some big numbers to describe America’s trade imbalances.... but Daniel Dale of the Toronto Star reckons they were rather too big: | Donald Trump used some big numbers to describe America’s trade imbalances.... but Daniel Dale of the Toronto Star reckons they were rather too big: |
| For about the 70th time, Trump falsely says the trade deficit with China is "$500 billion a year." It has never once been $500 billion, was $337 billion last year. This time Trump acknowledges his claim is disputed, says $500 billion is "probably the real number." | For about the 70th time, Trump falsely says the trade deficit with China is "$500 billion a year." It has never once been $500 billion, was $337 billion last year. This time Trump acknowledges his claim is disputed, says $500 billion is "probably the real number." |
| Trump says he's never had a beer in his life."One of my only good traits," he says. "Could you imagine if I had, ... I'd be the world's worst." | Trump says he's never had a beer in his life."One of my only good traits," he says. "Could you imagine if I had, ... I'd be the world's worst." |
| Trump’s big press conference has descended into rancour, as reporters continue to ask about the Kavanaugh situation. | Trump’s big press conference has descended into rancour, as reporters continue to ask about the Kavanaugh situation. |
| The president does say the FBI should hold a “very comprehensive investigation” into the allegations brought against his supreme court nominee, and interview anyone they want “within reason”. | The president does say the FBI should hold a “very comprehensive investigation” into the allegations brought against his supreme court nominee, and interview anyone they want “within reason”. |
| So far so sensible... Unlike the moment when he jibes that one female reporter never thinks (WHAT?!).... and then accuses the entire press pack of being terribly unfair to him, and going “loco”. | So far so sensible... Unlike the moment when he jibes that one female reporter never thinks (WHAT?!).... and then accuses the entire press pack of being terribly unfair to him, and going “loco”. |
| Did I hear this right?President: She's shocked that I picked her. She's in a state a shock. Reporter: I'm not, thank you Mr. President. Trump: That's OK, I know you're not thinking, you never do. Reporter. I'm sorry?Trump: No, go ahead. Go ahead. pic.twitter.com/Ss280FA7mK | Did I hear this right?President: She's shocked that I picked her. She's in a state a shock. Reporter: I'm not, thank you Mr. President. Trump: That's OK, I know you're not thinking, you never do. Reporter. I'm sorry?Trump: No, go ahead. Go ahead. pic.twitter.com/Ss280FA7mK |
| Minutes after telling a female reporter 'you're not thinking, you never do' Trump bemoans how the press treats himTRUMP: "I think the press has treated me unbelievably unfairly. ... They got worse! They're worse now than ever! They're loco! But that's okay. I put up with it." pic.twitter.com/1IkN3hHod8 | Minutes after telling a female reporter 'you're not thinking, you never do' Trump bemoans how the press treats himTRUMP: "I think the press has treated me unbelievably unfairly. ... They got worse! They're worse now than ever! They're loco! But that's okay. I put up with it." pic.twitter.com/1IkN3hHod8 |
| Trump is now taking questions....although he’s refusing to take any on Supreme Court nominee Brett Kavanaugh. | Trump is now taking questions....although he’s refusing to take any on Supreme Court nominee Brett Kavanaugh. |
| On the negotiations, he says there were tensions with Canada’s PM, but the two sides got there eventually. | On the negotiations, he says there were tensions with Canada’s PM, but the two sides got there eventually. |
| "There was a lot of tensions between he and I," said Trump of his relationship with Canadian Prime Minister Justin Trudeau during trade negotiations. | "There was a lot of tensions between he and I," said Trump of his relationship with Canadian Prime Minister Justin Trudeau during trade negotiations. |
| Q: Will tariffs on Canadian and Mexican steel and aluminium be lifted? | Q: Will tariffs on Canadian and Mexican steel and aluminium be lifted? |
| No, says Trump... not unless something can be agreed on quotas to prevent too much metal coming into the US. | No, says Trump... not unless something can be agreed on quotas to prevent too much metal coming into the US. |
| That’s a blow for Canada’s steel industry, who must have hoped that USMCA would bring them some relief. | That’s a blow for Canada’s steel industry, who must have hoped that USMCA would bring them some relief. |
| Worryingly for Brussels, Trump suggests he could soon impose tariffs on EU car imports (which would go down very badly with the US and French auto industry). | Worryingly for Brussels, Trump suggests he could soon impose tariffs on EU car imports (which would go down very badly with the US and French auto industry). |
| Just in: Trump confirms his strategy to hit the EU w/tariffs if they don't bargain soon."If we can't make a deal with the European Union, we will respectfully put tariffs on cars." #trade #tariffs | Just in: Trump confirms his strategy to hit the EU w/tariffs if they don't bargain soon."If we can't make a deal with the European Union, we will respectfully put tariffs on cars." #trade #tariffs |
| He also says he doesn’t want China to have a hard time on trade. | He also says he doesn’t want China to have a hard time on trade. |
| Here’s a clip of Donald Trump announcing the new trade deal: | Here’s a clip of Donald Trump announcing the new trade deal: |
| President Trump: "Once approved by Congress, this new deal will be the most modern, up-to-date, and balanced trade agreement in the history of our country with the most advanced protections for workers ever developed." pic.twitter.com/yJhKbF1aaU | President Trump: "Once approved by Congress, this new deal will be the most modern, up-to-date, and balanced trade agreement in the history of our country with the most advanced protections for workers ever developed." pic.twitter.com/yJhKbF1aaU |
| Donald Trump ends his victory lap by pointing to America’s strong labour market, and the 50% stock market rally since his election. | Donald Trump ends his victory lap by pointing to America’s strong labour market, and the 50% stock market rally since his election. |
| Trump continues to brag about record high employment.That’s all well and good, but headline jobless numbers don't tell the whole story https://t.co/LfXW8OmnQe pic.twitter.com/AItB20p2J3 | Trump continues to brag about record high employment.That’s all well and good, but headline jobless numbers don't tell the whole story https://t.co/LfXW8OmnQe pic.twitter.com/AItB20p2J3 |
| In a warning to Beijing, Trump says it’s “too early” to hold talks with China to resolve the ongoing trade dispute. | In a warning to Beijing, Trump says it’s “too early” to hold talks with China to resolve the ongoing trade dispute. |
| He claims that China wants to talk “very badly”....however, China did actually warn that it wouldn’t negotiate unless Trump dropped his threats. | He claims that China wants to talk “very badly”....however, China did actually warn that it wouldn’t negotiate unless Trump dropped his threats. |
| President’s message on U.S-Canada trade is also meant to be a message to China; Trump says it’s too early to talk w/Beijing - a not-so-subtle suggestion that he wants China to twist in the wind a bit longer | President’s message on U.S-Canada trade is also meant to be a message to China; Trump says it’s too early to talk w/Beijing - a not-so-subtle suggestion that he wants China to twist in the wind a bit longer |
| Trump says he plans to sign the new trade deal with Canada and Mexico by the end of November. pic.twitter.com/RUkno6HnZJ | Trump says he plans to sign the new trade deal with Canada and Mexico by the end of November. pic.twitter.com/RUkno6HnZJ |
| Getting into his stride, Trump now hits at the “babies” who claim that tariffs don’t make a difference. | Getting into his stride, Trump now hits at the “babies” who claim that tariffs don’t make a difference. |
| We wouldn’t be standing here without tariffs, he argues. | We wouldn’t be standing here without tariffs, he argues. |
| He adds that other countries such as India have been on the phone to the White House trying to renegotiate trade deals, because they’re scared that the US will hit them with tariffs. | He adds that other countries such as India have been on the phone to the White House trying to renegotiate trade deals, because they’re scared that the US will hit them with tariffs. |
| It’s so weird how, even during what some might consider a win, Trump name calls: “babies” complaining about tariffs. pic.twitter.com/QdHLmxXoLd | It’s so weird how, even during what some might consider a win, Trump name calls: “babies” complaining about tariffs. pic.twitter.com/QdHLmxXoLd |
| Once USMCA is approved, it will be a new dawn for the US auto industry and the US auto worker, continues Trump. | Once USMCA is approved, it will be a new dawn for the US auto industry and the US auto worker, continues Trump. |
| It will make North America a “manufacturing powerhouse”, he promises. | It will make North America a “manufacturing powerhouse”, he promises. |
| But he also points out that the deal hasn’t been approved by Congress, suggesting that some on Capitol Hill might oppose the deal “just because Trump likes it”. | But he also points out that the deal hasn’t been approved by Congress, suggesting that some on Capitol Hill might oppose the deal “just because Trump likes it”. |
| No Trump speech is complete, it seems, without an attack on some of America’s trading partners. | No Trump speech is complete, it seems, without an attack on some of America’s trading partners. |
| And today, he turns his guns on Europe, saying it’s a privilege for them to sell goods to America. | And today, he turns his guns on Europe, saying it’s a privilege for them to sell goods to America. |
| Ditto Japan, Trump continues.. saying it’s a privilege for them to “attack the US piggy bank”. | Ditto Japan, Trump continues.. saying it’s a privilege for them to “attack the US piggy bank”. |