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President Trump said progress was being made in talks to update the NAFTA trade accord among the United States, Canada and Mexico, but he held out the prospect of creating bilateral pacts.
Canada agreed with the United States on Thursday that slow-moving talks to update NAFTA should continue although the two sides did not set a date, Canada's foreign minister said.
First-order negative effects of tariffs on the auto industry and the broader economy would be modest, but the damage increases if trading partners retaliate with restrictions on U.S. exports.
U.S. President Donald Trump is "seriously considering" seeking separate trade talks with Canada and Mexico but he doesn't plan to withdraw from NAFTA, White House economic adviser Larry Kudlow said.
The U.S. Congress probably won't have time to approve a new NAFTA deal this year, as cabinet members from the three trading partners continue to negotiate changes to the pact.
Nissan is slashing vehicle production by as much as 20 per cent in North America to cope with falling profitability in the United States, Japan's Nikkei business daily reported on Monday.
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