Following earlier reports that Canada and Mexico would push back on and “firmly reject” Trump’s Nafta demands, moments ago the Mexican Peso surged by 1.5%, the most in 4 months, after Nafta negotiators announced they had successfully completed the 4th round of talks and agreed to extend negotiations past the year-end deadline.The optimism came despite US trade rep Lighthizer’s charge that Mexico and Canada have refused to improve the Nafta text.
Meanwhile, Canada’s foreign minister Chrustia Freeland, speaking Speaking at trilateral news conference in Washington as the fourth round of Nafta talks ends, said that NAFTA has been good for millions in all three nations, and that “an effective, transparent and enforceable dispute settlement system is essential to Nafta.”
She also said that it was “troubling” that some U.S. proposals violate WTO rules, and warned that negotiations can’t “undermine” Nafta instead of modernizing it. She also suggested talks resume next month with “fresh, creative perspectives.”
All of this, however, was superfluous and the only thing the Peso and traders carried about was that despite all the posturing, the negotiations will continue.
