Trump responds to leak of off-the-record comments in Bloomberg News interview

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What is the 'new Nafta' and why was the old one controversial?

Canada is the No. 1 destination for American products shipped overseas, and more than 8 million U.S.jobs are supported by trade with Canada, according to the U.S. Chamber of Commerce. Our officials are continuing to work towards the agreement. -Canada negotiations had generated hopeful signals from both camps that a deal could be struck by the end of the week - but hard discussions about dairy and dispute settlement remain, and were holding back progress on Friday morning.

Trump said any deal with Canada would be "totally on our terms" and that he was scaring Canada into submission with his tariff threats. But it does officially start the countdown clock. The world is watching as Canada, a country whose leader stresses the need for "rule of law" on trade, goes up against Trump, a vocal proponent of bulldozing the old trade rules and erecting new ones. It also creates a statutory timeline for notifying Congress of any deal.

One 2014 study found that two million USA jobs depend on trade with Mexico, and that for each job lost in the United States due to NAFTA, the American economy gains $450,000 from increased productivity and lower prices.

But questions remain regarding the legality of a bilateral agreement with Mexico under the current TPA.

"At least Canada knows where I stand", Trump added, thus confirming the authenticity of the leak.

She later reminded, 'Canada will only sign a deal which is a good deal for Canada'.

According to The Toronto Star, Trump also said, 'Here's the problem.

Not long before, during an electoral rally in Indiana, US President Donald Trump had cast a blunt threat towards his neighbor to the north: "We are replacing NAFTA with a attractive, brand new US-Mexico trade deal". During a speech in Ottawa a year ago, Canadian Foreign Minister Chrystia Freeland reminded her audience that Canada had walked out of trade talks with the United States in 1987 over the issue.

However, she repeated that Canada will only sign an agreement that is in its national interest.

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Earlier in the day, both Canadian and American negotiators were showing few signs of budging on their most stubborn NAFTA positions as the day of Trump's Friday deadline began.

But, by the end of the day, both sides expressed optimism heading into next week.

Trump argues Canada's hefty dairy tariffs are hurting US farmers, an important political base for his Republican Party - though his tariff actions against China have virtually eliminated USA soybean sales there.

However, a USTR spokeswoman said Canada had made no concessions on agriculture, which includes dairy, but said that negotiations continued. Freeland, on the other hand, said that Canada has offered concessions on dairy.

The current requirement is that about 62 per cent of parts be produced in the U.S., Mexico or Canada.

The report clarified that while Bloomberg News had entered into an off-the-record agreement with Mr. Trump, the Toronto Star was not bound to any such agreement.

The flurry of events followed a preliminary agreement that the United States and Mexico reached Monday to replace NAFTA with an arrangement that is intended, among other things, to shift more auto manufacturing to the United States. Major trade talks have often gone down to the wire, of course - frequently with drama in their final stages.

Following a meeting with Freeland, Mexican Economy Minister Ildefonso Guajardo said he was confident the United States and Canada would reach an agreement.

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