Canadian Ambassador Confident of UMSCA Adoption | May Seeks Majority Support from Parliament
Published January 17, 2019
Prime Minister May was able to overcome a vote of no-confidence yesterday, overall leaving the UK in a familiar scenario. Today May is negotiating with her opponents to find a position on exiting the European Union that would retain majority support in Parliament. Only 10 weeks remain prior to the exit date.
Canada’s ambassador to Washington is confident that the US will pass the revised North American trade deal and lift tariffs on steel and aluminum. The new trade deal includes a cap on vehicles and vehicle parts that Canada can sell to the US tariff-free. The US has been pushing for similar quotas on steel and aluminum.
The US congress passed a bill yesterday to remedy the partial government shutdown, with Senate Majority Leader Mitch McConnell stating the vote on a bill will not be accepted without President Trump’s support. The growing number of government contractors going unpaid is seen as large enough to impact growth this quarter.
OPEC slashed production in December, delivering clear signals to the market prior to official rounds of output cuts. OPEC struck a deal with Russia and nine other nations to keep 1.2 million barrels per day off the market starting in January.