Global Markets: U.S. already threatening legal action under USMCA

Agreement comes into effect July 1

By MarketsFarm

WINNIPEG, June 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Although the United States-Mexico-Canada Agreement (USMCA) doesn’t come into effect until July 1, the U.S. said it’s prepared to pursue legal action against its two partners. In testimony before the House of Representatives Ways and Means committee on Wednesday, U.S. Trade Representative Robert Lighthizer accused Canada of unfairly protecting its dairy industry from U.S. competition. Also, he warned that Mexico might not abide by labour standards set out in the new trade agreement. The USMCA replaces the North American Free Trade Agreement.

– Tensions continue between India and China after a deadly clash between troops from both countries in the Himalayas earlier this week. India warned China on Thursday not to make “exaggerated and untenable claims” regarding the Galwan Valley, where the clash took place. Fighting between the troops killed 20 Indian soldiers and reportedly 35 to 45 Chinese soldiers. China has yet to officially comment on casualties. India and China last fought a war against each other in 1962. Their respective militaries are among the largest in the world and both countries have nuclear arsenals.

– Canada came up 20 votes short of winning seat on the United Nations’ Security Council yesterday. Norway and Ireland each obtained the required two-third majority in the General Assembly to gain a two-year term on the Security Council. It marks a second-straight defeat for Canada to return to the U.N. body, with the previous attempt in 2010. Canada has served on the Security Council six times since 1945, most recently from 1999 to 2000. The council has five permanent members with veto power and 10 non-permanent members.

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