It appears that Trump's attempt to ram through a sweeping NAFTA renegotiation is about to hit its first major roadblock: according to CNBC, top trade negotiators from Canada and Mexico will meet Tuesday with the U.S. Trade Representative, Robert Lighthizer, and firmly reject the U.S. proposals floated in the current round of NAFTA negotiations, citing two people briefed on the countries' positioning.
12,000 jobs may not sound like much but that's roughly how many jobs Canada adds to its economy each month. Only in this case, that's how many workers are about to find themselves without a job because overnight Sears Canada announced plans to liquidate its remaining 150 stores instead of restructuring, the latest admission of brick and mortar defeat in the war with Amazon, with the result some 12,000 job losses in the coming weeks.
Over the past year, amid Donald Trump's crackdown on refugees and illegal immigrants, Canada has emerged as a willing safe harbor for those whose welcomes (and visas) in the US had expired. This past January, in response to Trump's executive order on immigration, Canada's Prime Minister Justin Trudeau tweeted “To those fleeing persecution, terror & war, Canadians will welcome you, regardless of your faith,” adding that “Diversity is our strength."
In a continuation of trading patterns observed over the previous two days, on Thursday the global bond rout deepened in the aftermath of the release of President Trump’s tax-cut plan, Janet Yellen's recent hawkish comments and renewed optimism over the health of the U.S. economy.
Last week's bullish sentiment that sent the S&P not only to a new all time highs, but a burst of last-second buying pushed above 2,500 for the first time ever, has carried through to the new week, with European and Asian shares rallying across the board, US futures again the green, and world stocks hitting a new record high on Monday ahead of a historic Fed meeting in which the FOMC is expected to announce the start of the shrinkage of its balance sheet.