Wednesday, 17 January, 2018

TSX falls as NAFTA risk weighs, gold miners buck move

USDA undersecretary Ted Mc Kinney addresses AFBF Holly Spangler
Ray Hunter | 11 January, 2018, 09:33

Mexican auto production and exports hit a record high in 2017, far outpacing growth in 2016, despite fears that shipments could be hurt by a renegotiation of the North American Free Trade Agreement (NAFTA) with top trading partners the United States and Canada.

Shares of companies considered most at risk declined.

The Canadian dollar fell 0.9% to $1.2574 against the greenback at 3:05 p.m.in Toronto. The Canadian loonie fell along with Mexico's peso and yields on Canada's government bonds. The peso fell 0.8% to 19.3963 per dollar. It is more likely a "zombie NAFTA" will continue even if Trump pulls out, as such an action could be held up in the US court system and members of congress would have to authorize the addition of new tariffs on goods from Canada.

Assassin's Creed Origins 'The Hidden Ones' Expansion Coming Soon
Ubisoft said that the expansion is a "vast story" but didn't provide any indication of its actual length in terms of hours. Some New Game+ modes may allow players to carry over items or abilities from their initial playthroughs.

Canada, along with Mexico, has so far rejected some of the Trump administration's hardline demands and refused to offer counter-proposals - and warned there won't be a deal unless the United States puts water in its wine.

In keeping with his campaign promise, Trump forced Canada and Mexico to sit down and renegotiate the 1994 trade pact, and said if a deal could not be reached he would withdraw the United States from NAFTA. The US is insisting on a five-year automatic termination clause, stricter rules on autos, government procurement and dairy, and the overhaul or elimination of dispute panels. Canada is ramping up the outreach effort because "while we are doing a better job of this, and getting people's attention, we are not where we need to be", MacNaughton said. A withdrawal notice doesn't mean Nafta would be killed - a country can give notice and then not actually leave.

Canadian officials, speaking to CBC News, said they are prepared for Trump to signal an intent to withdraw in six months by January's end, but no one would be astonished if he opted to keep his officials at the table. "It certainly throws enough doubt on Nafta that it could affect capital spending plans this year".

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