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'Very big,' or no big deal? What this week's trade news means for Canada

Even by the mind-boggling standard set by the past year in trade politics, it's been a confusing week.

Keep calm and carry on, Canada. Here's a quick guide to what really happened:

What's new for NAFTA? 
Nothing, really. It's been a week of happy talk about speeding things up on all three sides, without any evidence of anyone removing the known barriers to a deal...

Have NAFTA talks resumed? 
Sort of. Not really, though...

Has the threat of 25% car tariffs gone away?
The joint statement issued after European Commission President Jean-Claude Juncker's trip to the White House said that so long as the U.S. was engaged in talks with the EU on their new joint trade agenda, neither side would do anything to "go against the spirit of this agreement, unless either party terminates the negotiations."...

Should Canada take this EU-U.S. deal seriously?
Trump's vocal braggadocio — his claim that Wednesday "was a very big day for free and fair trade" — isn't matched by the substance of the joint statement his officials co-wrote...

What's this meeting Canada's hosting? 
Aside from de-escalating the car tariff threat, Juncker's biggest win in the joint statement may be the Americans agreeing to work with "like-minded partners" to reform the World Trade Organization and "address unfair trade practices."...

This was excerpted from the 28 July 2018 edition of CBC News.

Topic(s)

Trade Agreements

Information source

Canadian News Channel
Disclaimer

The foregoing information is provided for informational purposes only and is not intended as, nor should it be considered, professional advice or a substitute for conducting your own thorough research and review. Before making any decisions or taking any action based on the information provided, you should conduct your own independent investigation and/or seek professional advice from a qualified expert in the relevant field. The CSCB disclaims all liability for actions taken or not taken based on the information provided.