21:03:11 EDT Thu 09 May 2024
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Resolute Forest Products Inc
Symbol RFP
Shares Issued 90,453,964
Close 2018-11-12 C$ 15.90
Market Cap C$ 1,438,218,028
Recent Sedar Documents

Globe says Magna, others hear USMCA could see a delay

2018-11-13 08:46 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Tuesday edition that the Democrats, who will have a majority in the House when the new Congress meets on Jan. 3, have already signalled they will demand changes to the pending United States-Mexico-Canada Agreement. A Globe editorial says that could delay or prevent the deal's ratification. The Globe says there is concern that nothing will be settled until 2020. Canada has now been swung back into uncertainty. The Globe says it would be naive to moan that we thought we had a deal. The USMCA, and trade agreements like it, always require ratification in each participating country's legislature. It is nonetheless frustrating to watch this political football, kicked off by protectionist Donald Trump, being picked up and carried by the Democrats. There is no way the Democrats, had they won power in 2016, would have made such a big issue of the North American free-trade agreement. They are not inherently fans of free trade, but two years ago they were not threatening to tear up NAFTA, nor were they the ones calling it the worst trade agreement in history. Until Republicans and Democrats rediscover moderation and co-operation, Canada can expect a long ride, with lots of turbulence.

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