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NAFTA Fight Would Only Hurt Investment, Canada Warns

(Josh Wingrove – Bloomberg)

Canada wants to move quickly with U.S. President Donald Trump to update the North American Free Trade Agreement, as delays in talks over that deal and any new border taxes will discourage investment across the continent, Canada’s ambassador to Washington said.

“People are sitting on their wallets and they’re not investing as much as they would if there was more certainty,” said envoy David MacNaughton, a veteran lobbyist who celebrated a year on the job last week.

He cited the future of NAFTA, Buy-American provisions and U.S. House Speaker Paul Ryan’s proposal for a tax on imports as issues that have caused concern among investors.

“The reality is that uncertainty will hurt Canada and the United States, so we need to work together to remove that,” he said in a wide-ranging interview on March 3. “And you know what? They agree.” Click here to read more.