Canada has not invited the United States or China to a high-level meeting on reforming the World Trade Organization (WTO). The country will host a small group of like-minded trade ministers in Ottawa in late October to discuss the global trade body. Officials say countries like the US and China will be included at a later date in the reforms discussion process.
A major US$ 31.9bn liquefied natural gas (LNG) project in Canada has received the go-ahead from its partners. The project is a joint venture between Royal Dutch Shell, Malaysia's Petronas, PetroChina, Korea Gas Corporation, and Japan's Mitsubishi Corporation. It is the single largest private sector investment project in Canada's history.
After 14 months of talks between the United States and its closest allies, President Donald Trump celebrated the United States Mexico Canada Agreement, or USMCA, a new trade agreement that is poised to replace the North American Free Trade Agreement, or NAFTA.
The US dollar slipped against the Canadian dollar on Monday as the United States and Canada reached a framework deal to update the North American Free Trade Agreement. The deal reached involves offering more dairy access to U.S. farmers as well as Canada agreeing to a side-letter arrangement effectively capping automobile exports to the United States.
US President Donald Trump confirmed on Wednesday that he had refused to meet Canadian Prime Minister Justin Trudeau on the sidelines of the UN General Assembly, accusing Canada of treating the United States very badly.
The leaders of the United States and Canada expressed optimism on Wednesday that they could reach new NAFTA deal by a Friday deadline as negotiators prepared to talk through the night, although Canada warned that a number of tricky issues remained.
The finance ministers for Mexico and Canada on Sunday said they were optimistic about NAFTA talks with the United States, even as trade tensions spurred by U.S. tariffs dominated the G20 meeting of world economic leaders in Argentina.
The European Union, Mexico and Canada have said they will retaliate against the US if the White House places new tariffs on foreign cars and vehicle parts. The countries delivered the warning on Thursday to a panel examining whether to recommend the taxes on grounds of national security.
The United States launched five separate World Trade Organization dispute actions on Monday challenging retaliatory tariffs imposed by China, the European Union, Canada, Mexico and Turkey following U.S. duties on steel and aluminum. The retaliatory tariffs on up to a combined US$28.5 billion worth of U.S. exports are illegal under WTO rules, U.S. Trade Representative Robert Lighthizer said in a statement.
Canada began imposing tariffs Sunday on US$12.6 billion in U.S. goods as retaliation for the Trump administration's new taxes on steel and aluminum imported to the United States. Some U.S. products, mostly steel and iron, face 25% tariffs, the same penalty the United States slapped on imported steel at the end of May.