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March 2017
Prime Minister Justin Trudeau travelled to Washington on February 13th for his first face-to-face meeting with U.S. President Donald Trump. One of the main topics of discussion was the North American Free Trade Agreement (NAFTA). President Trump provided assurances that he only seeks to “tweak” the Canada-related provisions of the agreement rather than making wholesale changes. Advisors close to the President have told Canadian business leaders that Canada should fare well in any negotiations, as trade between Canada and the U.S. is essentially “balanced”.
Canada’s annual rate of inflation increased slightly above the Bank of Canada’s 2% inflation target, as gas prices spiked more than 20% compared to the year before. Year-over-year inflation was higher in every province, except Newfoundland and Labrador, and highest in Alberta. The Bank of Canada (BoC) believes that an annual inflation rate of 2% is beneficial to boosting growth, and has cited persistently low inflation as an ongoing challenge.
Calling it a “blueprint” for future trade agreements, Prime Minister Justin Trudeau told the European Parliament that trade needs to be inclusive and benefit everyone, adding that “this agreement… delivers just that.” Known as the Comprehensive Economic and Trade Agreement (CETA), the deal has been in negotiations for eight years and the majority of provisions are expected to take place as early as April 2017. The deal aims to create jobs, enhance economic relations and boost trade with the world’s second largest trading block.
China raised its short-term moneymarket rates on February 3rd, in an attempt to slow the pace of loans without stifling overall economic growth. This rate increase is also expected to help prevent yuan, the Chinese currency, from further depreciation. Meanwhile, the Central Bank of Mexico (Banixco) raised interest rates by 0.50%, marking the fourth consecutive hike. Policymakers are now concerned about the possibility of high inflation combined with low growth prospects, due in part to Donald Trump’s announcements regarding free trade with the country, and are grappling with reining in consumer prices in the face of a potential recession.
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