U.S-Canada Trade Talks Ongoing
– Canada’s Dairy Tariffs and Demands for Exemptions on “Cultural Industries” Still
at Issue, 9/7/18, by sundance.
Canadian Economy Loses 51,600 Jobs in August – Biggest Drop in Decade…9/7/18, by sundance.
In case anyone was wondering, Commerce
Secretary Wilbur Ross is in Europe talking trade with the European Union. Within
the delegation of trade negotiation, the EU trade agreement is designated to
Ross, while USTR Lighthizer covers Canada and Mexico and Treasury Secretary
Mnuchin is holding point on China. Secretary Ross is getting the royalty treatment in Greece today.
Meanwhile, Ambassador Robert Lighthizer
is still engaged with Chrystia from Canada as
negotiations continue to see if a U.S-Canada trade deal is possible. He
must have the patience of Job. The 52,000 lost Canadian jobs announced today has shifted the landscape a
little. Canada appears slightly more likely to back-away from prior demands to
carve out the Canadian Dairy industry and continue the process of protectionist
tariffs.
Ms.
Freeland is heading back to Canada tonight, leaving her negotiation team in DC
to continue working. However, Canada still demands to exempt their
“cultural industries”, telecommunications and media sectors, from any trade
agreement. The issues for Canada to join the U.S-Mexico agreement are/were:
§ open their
telecommunications and banking sector (eliminate non-tariff barriers).
§ eliminate soft-wood
(lumber) and aeronautics federal subsidies.
§ begin a process of
lowering their assembly use of Chinese/Asian goods.
§ accept the rules of
origin for North American manufacturing.
§ eliminate protectionist
tariffs on dairy and farm products.
§ accept the U.S-Mexico
terms for arbitration and dispute resolution.
The Telecommunications/media
sector is non-negotiable according to Justin from Canada.
There may be flexibility within banking (not much information). The
lumber and aeronautics subsidies could be dropped. Rules of origin are
non-negotiable for President Trump. Protectionist tariffs on dairy and
farm products are the current issue being discussed. Dispute
resolution is an outstanding issue.
The U.S. economy added 201,000 jobs in
August. The U.S. unemployment rate is 3.9%. And year-over-year U.S. wage
growth jumped to 2.9%. [Bureau of Labor and Statistics Link]
Meanwhile, the Canadian economy dropped 51,600 jobs in August. The unemployment rate
increased to 6%. And year-over-year wage growth dropped to 2.6%.
CANADA – The
net loss in August — which was the second largest monthly decline since the
last recession — drove the unemployment rate to 6 per cent, from 5.8 per cent a
month earlier, while wage gains decelerated to their slowest this year.
Economists
had expected a gain of 5,000 jobs and an unemployment rate of 5.9 per cent,
according to the median estimate in a Bloomberg survey. So far in 2018,
the Canadian economy has shed 14,600 jobs. (read
more).
In the media analysis Bloomberg talks down the strength of the U.S. economy,
and tries to dismiss the scale of the economic growth in America.
Simultaneously, the same Bloomberg media outlet calls the Canadian results
“whacky” and “unexpected” and makes excuses for the miserable economic
results. Huh, imagine that.
Norb Leahy, Dunwoody
GA Tea Party Leader
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