Canada refusing to make concessions on NAFTA

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President Trump announced on Wednesday he rejected a meeting with the Canadian Prime Minister this week, as the countries struggle to strike a new North American trade agreement before a self-imposed October deadline.

"His tariffs are too high and he doesn't seem to want to move, and I told him forget about it", Trump said.

Canadian officials said they do not believe Trump can rework NAFTA into a bilateral deal without the approval of Congress. "That's the big one".

The price of oil, one of Canada's major exports, was supported by the prospect of a shortfall in global supply once US sanctions against major crude exporter Iran come into force.

While you may have thought it would be impossible for the relationship between Donald Trump and Justin Trudeau to get any tenser, Trump's latest move proves us all wrong after he met with the press and exposed just how rough their relationship has gotten. "I think it's important to keep North America together, even if it takes more time" he said.

Trudeau said existing US tariffs on Canadian steel and aluminum in late May would have to be scrapped before Canada felt comfortable signing a new NAFTA.

He also took a shot at Canada's "representative" in the NAFTA negotiations, an apparent reference to Foreign Affairs Minister Chrystia Freeland, who has been leading Canada's negotiations with the U.S. However, if anything that might add more pressure on the U.S., which has squeezed a good deal out of Mexico.

"Yeah I did", president Trump answered. The president said it would be called "USM", for the USA and Mexico, instead of "USMC", and offered blunt criticism of the Canadian team engaged in the talks.

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Trump then reiterated his threat to slap punitive tariffs on Canadian auto imports to the US, a tactic experts on both sides of the border have warned would devastate the industry. "That doesn't make any sense at all, so hopefully we'll end up with something with Canada".

In response, Trudeau's office released a statement saying that no meeting was requested.

President Trump says he has a plan for peace in the Middle East, and he's finally revealed a glimpse of what it might look like. "But it will probably or possibly be just USM", he said suggesting it will likely only include the US and Mexico.

Under a US legal process known as Trade Promotion Authority that was invoked to revamp NAFTA, Americans lawmakers need to review the text of the agreement 60 days before President Donald Trump can sign it.

The official declined to be named because the matter has not yet been made public.

"I think everybody knows what each other's position is on all of the major issues and I think it's really a question of whether or not the US wants to have a deal". The White House wants this trade deal to replace NAFTA, though it's unclear if it is legally possible to replace a three-country pact with a two-country arrangement.

"We'll see where it goes, but so far it's been tough", he said.