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No Easy Fix for Trans Mountain Pipeline | Chinese Tariff Deadline Looms
Published September 6, 2018
Prime Minister Trudeau announced Canada must hold firm on preserving a key dispute resolution mechanism in NAFTA talks. Mexico’s chief NAFTA negotiator says Mexico and Canada have agreed on almost all NAFTA issues and he expects talks between the US and Canada to end this weekend with a final deal next week.
Short-term fixes to accomplishing the Trans Mountain oil pipeline expansion are not available, stated Prime Minister Trudeau, who met with Alberta Premier Rachel Notley on Wednesday. Notley wants legislation that would expedite Ottawa’s response after the appeal court quashed the federal approval last week.
The deadline for public input on tariffs targeting $200 billion of Chinese goods ends this morning; President Trump expected to act on the measures soon after the deadline passes. With the president on the campaign trail, hitting China with more tariffs may appeal to his base ahead of an election that could see Republicans lose control of the House.
West Texas Intermediate was trading at $68.80 this morning, encouraged by a weaker dollar and evidence of strong US fuel demand. Demand remains clouded by the turmoil engulfing emerging markets and the expected loss of at least 1 million barrels per day in Iranian crude supplies from early November.