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"Double, double, toil and trouble,” Shakespeare’s three witches chant in the opening of Macbeth. Although Shakespeare didn’t intend his lines to describe modern economics, they seem appropriate.
For the last year, Canadian news reports have included regular updates on trade negotiations between Canada, the U.S., and Mexico. Donald Trump repeatedly threatened to cancel the existing North American Free Trade Agreement. Canadian Foreign Affairs Minister Christia Freeland repeated her mantra – negotiations are proceeding in good faith.
Fires burned. Cauldrons bubbled. Delegations met. Endlessly.
And then, at the last minute, just before a U.S.-imposed deadline – where did NAFTA grant the U.S. the privilege of imposing unilateral deadlines? – someone threw in “eye of newt” and someone else withdrew a “lizard’s leg,” and just like that, we had a new trade and tariff agreement – USMCA, a.k.a. the U.S., Mexico, and Canada Agreement.
Poof! The ugly toad turns into a charming prince.
That was on Monday.
Categories: Sharp Edges
Tags: NAFTA, pipelines, USMCA, trade, economics, Kinder-Morgan, LNG, Kitimat