US, Canada Fail to Agree on NAFTA; Markets Unfazed

Talks expected to resume next week
By Newser Editors and Wire Services
Posted Aug 31, 2018 3:23 PM CDT
No NAFTA Deal Reached, but Markets Shrug It Off
Traders Andrew Silverman, left, Gregory Rowe, center, and Robert Charmak laugh as they work on the floor of the New York Stock Exchange Friday, Aug. 31, 2018.   (AP Photo/Richard Drew)

Stocks hardly budged on Wall Street as the US and Canada were unable to complete a trade deal, per the AP. The US Trade Representative said Friday that the two sides would continue negotiating next week on a new deal to replace the NAFTA trade accord, which also includes Mexico. Stocks rallied earlier this week after Mexico and the US reached a preliminary agreement on a new trade platform. The S&P 500 index edged up less than 1 point to 2,901 after being down nearly all of the day. The Dow Jones Industrial Average slipped 22 points to 25,964, and the Nasdaq composite rose 21 points to 8,109.

Despite the lack of an agreement with Canada, President Trump notified Congress that he still intends to sign a trade deal to replace NAFTA by the end of November, reports the Wall Street Journal. That deal currently includes just Mexico, but Trump said he is willing to keep negotiating with Canada. At an event in Toronto Friday, Canadian Prime Minister Justin Trudeau said Canada wouldn't roll over. “We have been very clear about where our red lines are," he said. "This is something we take seriously as a renegotiation.”

(More NAFTA stories.)

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