NAFTA 2.0: US and Canada aim to finalise trilateral deal today

Top NAFTA negotiators from Canada and the United States increased the pace of their negotiations Thursday to resolve final differences to meet a Friday deadline, with their Mexican counterpart on standby to rejoin the talks soon. Despite some contentious issues still on the table, the increasingly positive tone contrasted with US President Donald Trump's harsh criticism of Canada in recent weeks, raising hopes that the year-long talks on the North American Free Trade Agreement will conclude soon with a trilateral deal. "Canada's going to make a deal at some point. It may be by Friday or it may be within a period of time," US President Donald Trump told Bloomberg Television. "I think we're close to a deal." Trilateral talks were already underway at the technical level and Mexican Economy Minister Ildefonso Guajardo was expected to soon rejoin talks with US Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland, possibly later on Thursday, people familiar with the process said. President Donald Trump said in a Bloomberg interview: "Canada's going to make a deal at some point. It may be by Friday or it may be within a period of time," Trump said. "I think we're close to a deal."

No change in H-1B visa processing: Trump admin ahead of US-India dialogue

There has been no change in the processing of H-1B visas, the Trump Administration has said ahead of next week's two-plus-two dialogue between India and the US, during which External Affairs Minister Sushma Swaraj is expected to raise the issue. "We are already raising the issue formally at various fora. We are speaking on it with the White House, with state administration as well as with Congressmen... We will raise it humbly at the 2+2 dialogue on September 6 in New Delhi," Sushma Swaraj told the Rajya Sabha last month. Speaking on the condition of anonymity, a senior official of the administration acknowledged that it was prepared for India raising the H-1B issue at the 2+2, but added that it would not have much to say as the policy remained the same and was undergoing review.

Apple, Coca Cola, JPMorgan fear Trump's visa policy will harm US economy

Vague and unpredictable Trump administration immigration policies threaten the US economy amid a tightening labour market, CEOs from major American companies have warned.

In a letter to Department of Homeland Security Secretary Kirstjen Nielsen on Thursday, the Business Roundtable urged a rethink of recent directives from Washington that have thrown the status of workers into doubt and are damaging the recruitment of talent.

"Few (workers) will move their family and settle in a new country if, at any time and without notice, the government can force their immediate departure -- often without explanation," the roundtable said in the letter. "At a time when the number of job vacancies are reaching historic highs due to labour shortages, now is not the time restrict access to talent."

The Business Roundtable represents most of the biggest US companies. The group has criticised the Trump administration before on immigration, while praising the White House for cutting taxes and regulation.

US Congress paves way for waivers to India from sanctions over Russia

The US Congress has passed a defence spending bill that seeks to amend an existing law to provide waivers to America's strategic partners like India from punitive sanctions against those doing business with Russia's defence industry.

The Senate passed the conference report on the National Defense Authorisation Act for Fiscal Year 2019 (NDAA) by an overwhelming, bipartisan vote of 87 to 10.

The Countering America's Adversaries Through Sanctions Act (CAATSA) waiver is intended at preventing US sanctions on countries like India. New Delhi is planning to buy five S-400 Triumf air defence systems from Russia for around $4.5 billion.


ALSO READ: US passes defence spending bill: Why it is threat for China, good for India
Passed by the House last week, the bill, named after Senate Armed Services Committee Chairman John McCain, would provide $716 billion support in funding for national defence for financial year 2019.

The bill, which now moves to the White House for President Donald Trump to sign it into law, among other things, provides a modified waiver to section 231 of the CAATSA.

Kim Jong Un, Donald Trump in Singapore, on cusp of making history

US President Donald Trump arrived in Singapore on Sunday for a historic summit with North Korean leader Kim Jong Un that could lay the groundwork for ending a nuclear stand-off between the old foes and the transformation of the isolated Asian nation. 

Trump flew into Singapore's Paya Lebar Air Base aboard Air Force One, looking to strike a deal that will lead to the denuclearisation of one of America's bitterest foes. He came from a divisive G7 meeting in Canada with some of Washington's closest allies that further strained global trade ties. After stepping down from Air Force One on a steamy tropical night, Trump was greeted by Singapore Foreign Minister Vivian Balakrishnan. Asked by a reporter how he felt about the summit, Trump said: "Very good". North Korea's Kim landed in Singapore earlier on Sunday. When Trump and Kim meet on Tuesday at Sentosa, a resort island off Singapore's port with a Universal Studios theme park and man-made beaches, they will be making history.

Donald Trump refuses to sign G-7 statement, snubs Justin Trudeau

President Trump upended two days of global economic diplomacy late Saturday, refusing to sign a joint statement with America’s allies, threatening to escalate his trade war on the country’s neighbours and deriding Canada’s prime minister as “very dishonest and weak.” In a remarkable pair of acrimony-laced tweets from aboard Air Force One as he flew away from the Group of 7 summit toward a meeting with North Korea’s leader, Trump lashed out at Justin Trudeau. 

He accused the prime minister, who hosted the seven-nation gathering, of making false statements. Literally moments after Trudeau’s government proudly released the joint statement, noting it had been agreed to by all seven countries, Trump blew apart the veneer of cordiality that had prevailed throughout the two days of meetings in a resort town on the banks of the St. Lawrence River. “Based on Justin’s false statements at his news conference, and the fact that Canada is charging massive Tariffs to our US farmers, workers and companies, I have instructed our US Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the US Market!” Trump wrote. A few hours earlier, Trudeau said the seven nations had reached broad agreements on a range of economic and foreign policy goals. But he acknowledged that deep disagreements remained between Trump and the leaders of the other nations, especially on trade.

Fair trade is not fair to US people: Trump lashes out at Trudeau again

US President Donald Trump issued a volley of tweets on Monday venting anger on some of Washington's closest NATO allies over the United State's trade deficit, following a divisive G7 meeting in Canada. "Fair trade is now to be called fool trade if it is not reciprocal," said Trump, who flew from Canada to Singapore for a meeting with North Korean leader Kim Jong Un. "Not fair to the people of America! $800 billion trade deficit," he said. 

"Why should I, as president of the United State, allow countries to continue to make massive trade surpluses, as they have for decades, while our farmers, workers & taxpayers have such a big and unfair price to pay?" Trump went on to lambast fellow members of the North Atlantic Treaty Organisation (NATO) for paying disproportionately less than the United States to maintain the Western alliance. "The US pays close to the entire cost of NATO - protecting many of these same countries that rip us off on trade (they pay only a fraction of the cost - and laugh!)," he tweeted. "The European Union had a $151 billion surplus - should pay much more for military!"

As Trump, Kim gear up for historic summit, here's what to watch out for

President Donald Trump and North Korean leader Kim Jong Un begin their historic summit Tuesday in Singapore, a meeting that could lead to peace between countries that have technically been at war for 68 years -- or swiftly end in new recriminations. Trump has said the public will be able to tell how the summit goes by what he says afterward. 

If he resumes talking about his “maximum pressure” campaign to squeeze Kim’s regime, he said Thursday, “you’ll know the negotiation did not do well.” It would’ve been hard to imagine the two leaders reaching this point just nine months ago. Trump labeled the North Korean leader “Little Rocket Man” in a speech to the UN General Assembly. Kim then called Trump a “mentally deranged U. S. dotard” and a “frightened dog.” They threatened each other with nuclear war. The stakes remain dizzyingly high and the developments are likely to come rapid-fire. Here’s a reader’s guide to some of Bloomberg’s best analysis, commentary, and breaking news ahead of the Trump-Kim summit:

Trade war: France warns Donald Trump it won't sign a G-7 statement

France has joined Germany to warn President Donald Trump that it won’t sign a joint statement of the Group of 7 at the summit in Quebec this week, a French official in the president’s office said. President Emmanuel Macron has signaled that progress on tariffs, Iran nuclear agreement and Paris climate accord must be made before he’ll be willing to sign a joint statement, the official told reporters in Ottawa. 

The French president spent the day meeting with Prime Minister Justin Trudeau and other Canadian officials ahead of the June 8-9 summit in La Malbaie, Quebec. Macron has concluded that the other members of the G7 — the UK, Germany, Japan, France, Italy and Canada — must stand up to the US over Trump’s decision to impose tariffs on steel and aluminium from the EU, Canada and Mexico.

G7 leaders divided on trade; Trump attacks EU, Canada amid backlash

Leaders of the Group of Seven rich nations headed for a summit in Canada on Thursday more divided than at any time in the group's 42-year history, as U.S. President Donald Trump's "America First" policies risk causing a global trade war and deep diplomatic schisms. In a bid to rebuild America's industry, Trump has imposed hefty tariffs on steel and aluminium imports, including those from key G7 allies like Canada, Japan and the European Union. 

Trump has threatened to use national security laws to do the same for car imports and has walked back on environmental agreements and an international deal to prevent Iran from building a nuclear bomb. French President Emmanuel Macron, who has invested in a warm personal relationship with Trump, said the other G7 nations - Britain, Canada, Germany, Italy and Japan, as well as France - should remain "polite" and productive but warned that "no leader is forever," a sign that Europe would not surrender meekly to the U.S. president.

Would invite Kim Jong-un to US if all goes well at Singapore summit: Trump

US President Donald Trump on Friday said he would be willing to invite North Korean leader Kim Jong-un to the White House if their Singapore summit goes well. Trump made the remarks after meeting Japanese Prime Minister Shinzo Abe to discuss the June 12 summit. "Maybe we'll start with the White House," he told reporters after he was asked whether he would invite the North Korean leader to the White House or Mar-a-lago. 

About the personal letter delivered to Trump from Kim last week, he said, "The letter was just a greeting. It was really very nice. Perhaps I can get approval to put it out. It was really a very warm letter, a very nice letter".

'No big changes' in H-1B visa says US Deputy Chief of Mission Carlson

There have been "no big changes" in the H-1B programme and "nothing new" on the H-4 visa policy, the US said on Wednesday, amid the Trump administration's plan to overhaul the immigration system. US Deputy Chief of Mission (DCM) in Delhi, MaryKay L Carlson said granting employment visa and work permits is the sovereign decision of a country. 

The US Mission here on Wednesday observed 'Student Visa Day', an event to celebrate higher education ties between India and the United States. "There have been no big changes in the H-1B programme and nothing new on H-4...," Carlson told reporters here. Certainly, employment visa and work permits for Indians is the sovereign decision of the US, the official said. The Trump administration's move to end the Obama-era rule could have an impact on more than 70,000 H-4 visas holders, who have work permits.

US lawmakers demand Facebook to come clean over Chinese data sharing

Facebook Inc faced criticism on Wednesday from Republican and Democratic US lawmakers who demanded that the social media company be more forthcoming about data it has shared with four Chinese firms. 

The bipartisan criticism reflected rising frustration in Congress about how Facebook protects the privacy of the more than 2 billion people who use its services worldwide. The leaders of the U.S. House of Representatives Energy and Commerce Committee accused Facebook Chief Executive Officer Mark Zuckerberg of failing to disclose the company’s agreements with the Chinese firms when he appeared before them in April and testified about Facebook’s sharing of users’ personal information with third parties.

Why Trump's zeal for tariffs is yet to derail global economic outlook

President Donald Trump’s zeal for tariffs has yet to derail the global economic outlook. While Trump has sown confusion and frustration among fellow political leaders, economists at most Wall Street banks are barely changing their forecasts for solid global growth this year as they estimate only modest fallout from a skirmish over commerce. Take Trump’s 25 percent steel tariffs. 

After stripping out food and energy, consumer prices are poised to rise by three basis points in response, Goldman Sachs Group Inc. said in a research note Monday. The worry remains that Trump may just be getting started. If the president delivers on all his tariff threats, $475 billion in goods would be affected, and core inflation would speed up by about 15 basis points, according to Goldman. That’s still a small increase, but one that might get the attention of the Federal Reserve, which could spur more aggressive policy tightening.

Facing pushback, Trump defends trade actions, says US will be stronger soon

President Donald Trump faced pushback on Monday from Republican lawmakers, an influential GOP group and foreign leaders over his tough negotiations that are hitting China, Canada and Mexico with tariffs amid fears of a trade war. But the president defended his actions saying the US would soon be in a stronger position with its top trading partners.

Trump wrote in a series of tweets that his trade negotiations with China and a slew of US allies would break down large trade barriers faced by American farmers. He said that China "already charges a tax of 16% on soybeans. Canada has all sorts of trade barriers on our Agricultural products. Not acceptable!" In a conference call later on Monday with grassroots supporters, he said: "We will be in a very strong position very soon. We don't want to be taken advantage of anymore."

Trump aims to impose tariffs on steel, aluminium imports from EU: Report

President Donald Trump intends to impose steep import duties on steel and aluminium imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported on Wednesday.

Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 per cent tariff on steel and 10 per cent on aluminium.

But The Wall Street Journal cited people familiar with the matter saying a last minute deal appeared unlikely, and the tariff announcement could come as early as Thursday.

Trump imposed the tariffs in March to address global oversupply of the metals, but though it was largely aimed at China it hit US allies as well.

Washington exempted Canada and Mexico from the tariffs while negotiations continue to revamp the North American Free Trade Agreement, and South Korea agreed to quotas instead of tariffs.

Trump aims to impose tariffs on steel, aluminium imports from EU: Report

President Donald Trump intends to impose steep import duties on steel and aluminium imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported on Wednesday.

Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 per cent tariff on steel and 10 per cent on aluminium.

But The Wall Street Journal cited people familiar with the matter saying a last minute deal appeared unlikely, and the tariff announcement could come as early as Thursday.

Trump imposed the tariffs in March to address global oversupply of the metals, but though it was largely aimed at China it hit US allies as well.

Donald Trump and Kim Jong-un are finally meeting on June 12: Pompeo

The historic meeting between President Donald Trump and North Korean leader is set to take place on June 12, Secretary of State Mike Pompeo told lawmakers on Wednesday.

Testifying before a powerful Congressional committee, Pompeo identified de-nuclearisation of North Korea as one of the top national security priority of the Trump Administration.

"The maximum pressure campaign of diplomatic and economic sanctions is bearing fruit with the historic meeting set to take place on June 12," Pompeo said in his testimony before the House Foreign Affairs Committee.

This campaign, he said, has been undertaken in concert with an unprecedented number of allies and partners.

"Our posture will not change until we see credible steps taken toward the complete, verifiable, and irreversible de-nuclearization of the Korean peninsula. We are clear-eyed about the regime's history," Pompeo said.

Trade war on 'hold', but tariffs will be back if China breaks promises: US

The Trump administration won’t impose tariffs on Chinese products for now, after the two nations made progress on trade issues during two days of talks, Treasury Secretary Steven Mnuchin said.

“We’re putting the trade war on hold. So right now, we have agreed to put the tariffs on hold while we try to execute the framework,” Mnuchin said on “Fox News Sunday.”

President Donald Trump has threatened to impose tariffs on as much as $150 billion in Chinese imports to punish Beijing for allegedly violating American intellectual property and unfair trade practices. China vowed to retaliate with tariffs on everything from soybeans to airplanes.

Mnuchin’s remarks will be a relief to investors, who had feared the world’s two biggest economies were on the brink of an all-out trade conflict. The International Monetary Fund has warned that a global trade war would undermine the broadest global upswing in years.

Trade war averted: China to buy more from US to slash $200 bn trade deficit

China will “significantly increase purchases” of US goods, the White House said as Beijing’s special envoy at talks in Washington declared a trade war has been averted between the world’s two largest economies.

A joint statement released by the White House following the talks didn’t place a dollar figure on the increased purchases by China, or address a comment by President Donald Trump’s top economic adviser suggesting Beijing had agreed to slash its annual trade surplus with the US by $200 billion.

Vice Premier Liu He, a special envoy of China’s President Xi Jinping, told reporters in Washington that talks with US officials, including Treasury Secretary Steven Mnuchin, Secretary of Commerce Wilbur Ross and US Trade Representative Robert Lighthizer, ended with a pledge not to engage in a trade war, according to a Xinhua news agency report.

Liu said the two sides agreed to stop “slapping tariffs’ on each other, Xinhua reported. Liu said his trip to the US had been positive, pragmatic, constructive and productive. Trade cooperation would be enhanced in such areas as energy, agriculture, health care, high-tech products and finance, a “win-win” choice for both nations.