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Global Markets: U.S. releases NAFTA wishlist

By Commodity News Service Canada

July 18 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The United States has released a summary of its objectives for renegotiations of the North America Free Trade Agreement. Among other things, it states it wants to reduce the trade deficit with Canada and Mexico, the other two partners in NAFTA. As well, the document states the U.S. wants to include labour and environmental provisions in the main deal and it wants agreement for fair and open conditions in telecommunications and financial services.

– Sears Canada is expected to appear in court today to ask to begin liquidation sales later this week. The department store chain is under creditor protection and has announced it is closing 59 stories and cutting almost 3,000 jobs.

– U.S. President Donald Trump has targeted Congress for criticism in tweets released early this morning for the failure to pass health-care reform. At least four Republican senators say they would reject the proposed reforms to Obamacare, leaving the Republican party short of the Senate majority needed to pass the bill. It marks the second failure in three weeks for health-care reform in the U.S., which was a keystone policy initiative for Trump’s administration.

– Russia threatens to retaliate if the United States does not return seized Russian diplomatic compounds. Former U.S. president Barack Obama ordered the properties seized and expelled 35 Russian diplomats in December over what he said was Russia’s involvement in the 2016 presidential election. Russia had denied the allegations and said after meetings with U.S. officials yesterday that it reserves the right to retaliate.

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