That led to a Pena Nieto phone call with President Donald Trump, a USA promise not to leave NAFTA for now and a commitment by all three nations in the pact to work on renegotiating it. But that norm could usefully be tightened, both as a policy matter and as the political price of greater USA support for the pact overall.
DAVID FISHER: President Trump has a point when he talks about trade and negotiating better.
If, as Trump now says, he hopes to renegotiate the terms of the agreement in a way that is more favorable to the USA, that might not be all bad.
"The business community in the United States needs to start to speak up and put down some of the phony rhetoric that we've been hearing about NAFTA ... it's souring the mood about trade in America, and that's not good for anyone".
Trudeau said the president appeared to be considering it. "And this is clearly done as a strategy to help avoid, you know, the cross-border movement of these dairy products from the USA into Canada". -Canada trade. On the US side of the border, you have farmers like David Fisher in Madrid, N.Y. He's furious that Canada added new restrictions on dairy imports a year ago.
The argument focuses on what is known as ultra-filtered milk. It's created to crack down on companies that label their products as "milk", "cheese", and "yogurt" when they're made of soy.
"They have a quota-based system that allows each dairy farmer the privilege of selling a certain amount of kilograms of butterfat into the marketplace every day", said Stephenson about the Canadian system. Perhaps, when Canada changed its dairy policy, it was merely "pulling a Wisconsin". Trump railed against the decades-old trade deal during his campaign, describing it as a "disaster".
Sharks' Thornton, Couture game-time decision
Just like that, a Sharks team that seemed dead in the water heading into this series appears to have acquired a new lease on life. If the Oilers want to leave victorious and tie this series up, they will have to put on tremendous pressure and get shots on net.
Trudeau, speaking at a news conference in Saskatchewan, said he had urged Trump not to withdraw from the trade pact and warned that doing so "would cause a lot of short- and medium-term pain".
Unpredictability is built into the dairy market, except in Canada. "Watch!" Trump tweeted on Teusday. Any claims that the state is trying to protect consumers, as opposed to the interests of its powerful dairy industry, are more full of holes than Swiss. Dairy inventories are rising as prices drop. And he has spent time in Asia, where the US dairy industry hopes to grow foreign export markets for its products. This trend is likely to persist well into 2017 or until the dollar reverses course.
Canada maintains a high tariff on imported dairy products, which dissuades American dairy farmers from selling many of their products in the country.
Dozens of Wisconsin dairy farmers lost a market for their milk after Canada announced plans to change its dairy pricing policy to favor domestic milk. While that left the affected farmers a narrow window to find new buyers, any broader fix to this issue might be a long-term process.
So what are government's options? Researchers concluded the deal has had a minor impact on the USA economy. There are many poverty-stricken communities, both at home and overseas, that would welcome our excess inventories.
"We had a good conversation last night".
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. She has worked as a commodities strategist for Brevan Howard Asset Management and Roubini Global Economics.