- 8th June 2019
- Posted by: Hakeem
- Category: POLITICS
- The U.S.-China relationship is integral to how Canada moves forward with Beijing, said Canadian Finance Minister Bill Morneau.
- For now, any potential progress between Canada and China appears stalled, according to Morneau.
- It’s “unequivocally good news” for Canada that President Donald Trump decided to suspend any tariffs on Mexico, Morneau said.
“I can’t say that I necessarily have a sense of optimism, because we’re at an impasse. It’s a difficult moment,” he added.
China’s cancellation of canola shipments from Canada also doesn’t make sense, according to Morneau, adding that he’s concerned Beijing could extend the same treatment to other products from his country.
“I don’t want to speculate on what might be next but we don’t think that … the stoppage of canola trade is really one that’s done on grounds that make sense,” he said.
“And of course we’re concerned with the spectra of other products being either delayed at the border or in some way taken out of the trading relationship,” the minister added. “This is a real concern.”
‘Good news’ that Mexico tariffs are off table
Trump had threatened to apply 5% tariff on all U.S. imports from Mexico starting June 10, saying the Mexican government had failed to address his concerns over immigration. Trade warned at the time that the new tariff could derail the ratification of the United States-Mexico-Canada Agreement(USMCA), which is intended as an updated version of the North American Free Trade Agreement.
Now that Trump t has said he’s not going ahead with the tariff on Mexico, the USMCA will now have “a clear path” to ratification by all three countries, Morneau said.
“We’re pleased,” he said. “We think it’s obviously better for our trading relationships and good for the ratification.”
WATCH: Canada to move ‘in tandem’ with the US to ratify the USMCA