Dollar rises for second day as U.S., Canada end talks with no deal

By Gertrude Chavez-Dreyfuss

 

FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo

 

NEW YORK (Reuters) - The dollar climbed for a second straight session on Friday as investors sought the safety of the U.S. currency after reports that the United States and Canada ended trade negotiations without any deal.

 

The greenback is on track to end the month of August on a positive note, up about 0.6 percent amid trade tensions. It has advanced in four of the last five months, gaining nearly 9 percent in that period.

 

"The trade-positive news in the beginning of the week with the U.S.-Mexico deal has turned, and has become trade-negative," said Alfonso Esparza, currency strategist at OANDA in Toronto.

 

"Now we're seeing resistance on the Canada front with respect to NAFTA. Negotiations have concluded, but nothing has been decided so there's a little bit of uncertainty. That has created a risk-averse environment, which has benefited the dollar."

 

U.S. and Canadian officials on Friday concluded a round of talks on the North American Free Trade Agreement, a Canadian official said. The Canadian government will later in the afternoon announce the results of the talks.

 

The Wall Street Journal reported that U.S. President Donald Trump will tell Congress of plans to proceed with just the U.S.-Mexico trade deal.

 

Trump said on Friday that Canada had taken advantage of the United States on trade, as talks between the two countries, which are seeking to revamp the North American Free Trade Agreement, soured sharply.

 

"I love Canada, but they've taken advantage of our country for many years," Trump said during a speech in North Carolina.

 

Concerns about a NAFTA deal with Canada grew after Canadian Foreign Minister Chrystia Freeland said earlier on Friday that Canada is looking for a "good deal, not just any deal."

 

But Trump said any trade deal with Canada would be "totally on our terms," confirming an earlier report from the Toronto Star.

Trump's remarks ignited more dollar buying.

 

In late afternoon trading, the dollar index was up 0.4 percent at 95.106 <.DXY>.

 

The Canadian dollar fell 0.7 percent versus the U.S. dollar at 76.49 U.S. cents <CADUSD=R>.

 

The greenback had rallied late on Thursday in a safe-haven move after Bloomberg News reported that Trump wanted to move ahead on a plan to impose tariffs on Chinese imports worth $200 billion next week.

 

The euro was also hit by Trump's comments saying that the European Union's proposal to eliminate auto tariffs was "not good enough." Investors were fearful about Europe's outlook as Trump has threatened to impose tariffs on cars assembled by German automakers.

 

The single currency was last down 0.6 percent at $1.1601 <EUR=>, after losing about 0.3 percent overnight, pressured by a rise in Italian government bond yields.

 

Emerging market currencies fell. The Argentinian peso <ARS=RASL>, the world's worst-performing currency this year, was down about 1 percent against the dollar, which last traded at 38.00 pesos. On Thursday, the Argentine peso tumbled 10 percent, bringing month-to-date losses to 27 percent.

 

Argentina's central bank voted unanimously at an emergency meeting on Thursday to raise its benchmark rate to 60 percent from 45 percent.

For graphic on G10 FX - MTD, click

 

 

-- © Copyright Reuters 2018-09-01

"..."I love Canada, but they've taken advantage of our country for many years," Trump said during a speech in North Carolina..."

 

This is utter BS. Canada and the US have had an equitable trading relationship for many years. Trump is a lying weasel.

 

"...Concerns about a NAFTA deal with Canada grew after Canadian Foreign Minister Chrystia Freeland said earlier on Friday that Canada is looking for a "good deal, not just any deal. But Trump said any trade deal with Canada would be "totally on our terms," confirming an earlier report from the Toronto Star..."

 

I would like to see Canada and the US strike a deal; it would be a good thing for both counties. That said, I am so disgusted with what the US has become under Trump (apologies to my many Americans friends) that I wonder if it is good for Canada to be associated with them anymore. I would point out that when travelling, it is Americans who claim they are Canadian because they are too embarrassed by their own country, not the other way around.

 

Would a lack of a deal hurt the Canadian economy? Yes. Would the lack of a deal hurt the American economy? Yes. BTW, before there are Americans who claim that it wouldn't hurt the US; Canada is the largest trading partner of approximately 34 US states. It would hurt.

 

Is Trump stupid enough to hurt both economies? Yes.

 

I have said it before and (sadly) need to say it again;

 

Donald Trump is an ever-expanding cloud of toxic waste that defiles everything it touches.

 

God help us all.

 

 

3 hours ago, Samui Bodoh said:

"..."I love Canada, but they've taken advantage of our country for many years," Trump said during a speech in North Carolina..."

 

This is utter BS. Canada and the US have had an equitable trading relationship for many years. Trump is a lying weasel.

 

"...Concerns about a NAFTA deal with Canada grew after Canadian Foreign Minister Chrystia Freeland said earlier on Friday that Canada is looking for a "good deal, not just any deal. But Trump said any trade deal with Canada would be "totally on our terms," confirming an earlier report from the Toronto Star..."

 

I would like to see Canada and the US strike a deal; it would be a good thing for both counties. That said, I am so disgusted with what the US has become under Trump (apologies to my many Americans friends) that I wonder if it is good for Canada to be associated with them anymore. I would point out that when travelling, it is Americans who claim they are Canadian because they are too embarrassed by their own country, not the other way around.

 

Would a lack of a deal hurt the Canadian economy? Yes. Would the lack of a deal hurt the American economy? Yes. BTW, before there are Americans who claim that it wouldn't hurt the US; Canada is the largest trading partner of approximately 34 US states. It would hurt.

 

Is Trump stupid enough to hurt both economies? Yes.

 

I have said it before and (sadly) need to say it again;

 

Donald Trump is an ever-expanding cloud of toxic waste that defiles everything it touches.

 

God help us all.

 

 

I agree and I am from the USA.  Americans should be ashamed for electing the current Bozo to the presidency.  I hope your country stands up to Trump's bullying and gets justice for the USA violating its treaty obligations. 

We love you Canada don’t trust trump he is stupid so you can fool him hell little Kim did it and they are backwards really backwards lol

Dollar rising and rising.

Exactly what Trump wants to see.

...

OOPS

I think I messed it up.

 

As a Canadian, what I am seeing is bully, non-negotiable, our-way-or-the-highway tRump is in over his fake head on this one (same as he is with China, Russia too but in a different way). I very much doubt that Canada will back down and kiss his fat axx. I am not a Trudeau fan by any means but I expect he will tell tRump to hit the road. And I expect tRump will eat humble pie in the end.

By cutting a deal with Mexico and then giving Canada the "opportunity to sign on", he is going to be taught a lesson that Divide and Conquer does not always work.

It is unknown for sure if he has the power to tear up NAFTA as there is a question as to whether or not that would require congressional approval. Congress will prove to be a little more level headed when it comes to damaging the relationship with Americas largest trading partner, especially when his future is in doubt anyway.

5 hours ago, rooster59 said:

But Trump said any trade deal with Canada would be "totally on our terms,"

Canadian Foreign Minister Chrystia Freeland said the country was determined to “stand up” for its national interests.

Prime Minister Justin Trudeau:

“We are looking for a good deal, not just any deal. We are not there yet.”

“We have been very clear about where our red lines are,” he said. “This is something we take seriously as a renegotiation.”

https://www.aol.com/article/news/2018/08/31/president-trump-confirms-leaked-remarks-about-trade-canada-negotiations/23514081/

Trump isn't the only one who can walk away from a bad deal.

8 minutes ago, neeray said:

Fact is, it is true for many Americans. I have first hand knowledge of this from my travels in Indonesia. And it is a well known fact elsewhere in the world. When travelling, USA bad, Canada good. More so today under tRump reign.

 

I have never, ever heard of anyone in real live being so ashamed of being American that they lie and say they are from Canada. 

 

Good god im cringing so hard thinking of that. 

5 hours ago, Samui Bodoh said:

Donald Trump is an ever-expanding cloud of toxic waste that defiles everything it touches.

Completely disagree. Donald Trump is trying his best to maneuver through the toxic waste that is in Washington and the real source of global problems. Go Trump! MAGA!

9 minutes ago, UncleTouchyFingers said:

 

I have never, ever heard of anyone in real live being so ashamed of being American that they lie and say they are from Canada. 

 

Good god im cringing so hard thinking of that. 

No need to cringe. Be happy ? that you have such a respected neighbour to the North. We don't mind sharing our great reputation. America needs help now on the world stage. We're here for you.

5 hours ago, Samui Bodoh said:

I wonder if it is good for Canada to be associated with them anymore

Yet Canada seems to have no problem selling half of their major cities to the Chinese? Where is the outrage?

2 minutes ago, vinegarbase said:

Completely disagree. Donald Trump is trying his best to maneuver through the toxic waste that is in Washington and the real source of global problems. Go Trump! MAGA!

On the contrary, many people (even many Americans) feel that it is Trump who has turned Washington, and America, into that toxic waste. No longer "the greatest country in the world" !

Just now, neeray said:

On the contrary, many people (even many Americans) feel that it is Trump who has turned Washington, and America, into that toxic waste. No longer "the greatest country in the world" !

America has been slipping for decades, it is naive for anyone including myself to think this just suddenly happened overnight with Trump. Every country is going to have a group that agrees or disagrees with things those in power is doing. I don't agree 100% with Trump and don't blindly follow him on everything he says or does but he is doing a lot more right than what previous presidents have done in my opinion. As I mentioned in another post I find it hilarious that some in Canada act as if the USA is a mortal enemy now because Trump wants to discuss new trade terms yet let the Chinese buy half their major cities. Not much outrage on that though. 

1 minute ago, vinegarbase said:

America has been slipping for decades, it is naive for anyone including myself to think this just suddenly happened overnight with Trump. Every country is going to have a group that agrees or disagrees with things those in power is doing. I don't agree 100% with Trump and don't blindly follow him on everything he says or does but he is doing a lot more right than what previous presidents have done in my opinion. As I mentioned in another post I find it hilarious that some in Canada act as if the USA is a mortal enemy now because Trump wants to discuss new trade terms yet let the Chinese buy half their major cities. Not much outrage on that though. 

We do have a lot of Chinese but not quite sure if they have bought half of our cities.

Also not sure about (America) "slipping for decades" but I am sure, and vehemently disagree with you when you say "it is naive for anyone including myself to think this just suddenly happened overnight with Trump". There is no naivete on this point. The problem is, Trump does not just want to "discuss new trade terms". He wants to DICTATE. Canada does not take kindly to being dictated to. And it is his total brash approach to everything that he has done everywhere around the world that has caused Canadians like me to detest everything about him.

Says the man that sets up charities then uses the proceeds ( donated by others ) as a personal expenses account.

Says the man who doesnt pay his fair share in taxes and flouts the law re submitting of tax returns which all other citizens must comply with.

Says the man who has forced several of his companies into voluntary liquidation/administration thus avoiding creditor responsibilities. 

Says the man who uses his office to force sovereign nations to issue patents to his daughter thus personally enriching her while he is in office.

The man is a disgrace

9 minutes ago, Expatthailover said:

Says the man that sets up charities then uses the proceeds ( donated by others ) as a personal expenses account.

Says the man who doesnt pay his fair share in taxes and flouts the law re submitting of tax returns which all other citizens must comply with.

Says the man who has forced several of his companies into voluntary liquidation/administration thus avoiding creditor responsibilities. 

Says the man who uses his office to force sovereign nations to issue patents to his daughter thus personally enriching her while he is in office.

The man is a disgrace

 

ALL of this entire post is completely made up. 

4 minutes ago, Expatthailover said:

Says the man who doesnt pay his fair share in taxes and flouts the law re submitting of tax returns which all other citizens must comply with.

What is this nonsense. Trump files his taxes just as everyone else does and pays what he owes or else the IRS would have already thrown him in jail. Taxes are just government theft. The only reason we have taxes was because Abraham Lincoln signed the Revenue Act that was to help pay for the civil war. There is no good reason for any citizen to have to give up his earnings to the wasteful incompetent government. 

2 minutes ago, vinegarbase said:

What is this nonsense.

 

On Thaivisa you can just make stuff up. This place is one of the biggest echo chambers ive ever seen. 

23 minutes ago, neeray said:

We do have a lot of Chinese but not quite sure if they have bought half of our cities.

Well maybe I was exaggerating a bit. They have bought 1/4 of your major cities. But Canadians are worried about a trade deal with Trump? All Canadians have to do now is turn on Ultra Rich Asian Girls and watch them buy your country.

 

Let me say this though. I like my Canadian brothers. I wish they could see that Trump is not all that bad and is trying to help the USA and North America in the long run. 

58 minutes ago, neeray said:

Fact is, it is true for many Americans. I have first hand knowledge of this from my travels in Indonesia. And it is a well known fact elsewhere in the world. When travelling, USA bad, Canada good. More so today under tRump reign.

 

 

Terrible tRump is terrible tRump; but what would the US be with HRC as a president ?

 

The two parties are indistinguishable.

Both of them working for MIC, Wall Street and against the people. tRump or Hillary, the normal 

folks are f*ck3d anyway as Senate and Congress are 100% lobby controlled, just like the media is.

Democracy ?  Forget it, not in the US.

 

 

1 minute ago, maximillian said:

The two parties are indistinguishable.

That is the key. The country is not Trump. There is the toxic swamp that Trump is trying to maneuver through. It is obvious he is doing something right when he is constantly being attacked by the corrupt establishment in BOTH parties. 

3 minutes ago, vinegarbase said:

But Canadians are worried about a trade deal with Trump?

According to an exclusive Ipsos poll for Global News, 55% of Canadian respondents approve of Justin Trudeau’s government

https://globalnews.ca/news/4342222/liberals-polls-canadians-trudeau-trump/

President Trump’s disapproval rating has hit a high point of 60%, according to a new Washington Post-ABC News Poll. 

https://www.washingtonpost.com/politics/poll-60-percent-disapprove-of-trump-while-clear-majorities-back-mueller-and-sessions/2018/08/30/4cd32174-ac7c-11e8-a8d7-0f63ab8b1370_story.html?noredirect=on&amp;utm_term=.9710ede08003

Canadians are not just worried about a trade deal with Trump, but like a majority of Americans they are worried about Trump - period.

10 minutes ago, vinegarbase said:

What is this nonsense. Trump files his taxes just as everyone else does and pays what he owes or else the IRS would have already thrown him in jail. Taxes are just government theft. The only reason we have taxes was because Abraham Lincoln signed the Revenue Act that was to help pay for the civil war. There is no good reason for any citizen to have to give up his earnings to the wasteful incompetent government. 

 

Any country in this world where a competent or incompetent government doesn't ask for taxes ?

Do you favour privatization of just about everything ?  Military, Police, highways, roads, schools,

whatsoever ?

4 minutes ago, vinegarbase said:

That is the key. The country is not Trump. There is the toxic swamp that Trump is trying to maneuver through. It is obvious he is doing something right when he is constantly being attacked by the corrupt establishment in BOTH parties. 

 

Good point.

 

 

9 hours ago, Samui Bodoh said:

I would point out that when travelling, it is Americans who claim they are Canadian because they are too embarrassed by their own country, not the other way around.

 

Lmao.  This post is going into my cringe compilation.  When will Canucks realize they need the US more than the US needs them?

2 hours ago, vinegarbase said:

That is the key. The country is not Trump. There is the toxic swamp that Trump is trying to maneuver through. It is obvious he is doing something right when he is constantly being attacked by the corrupt establishment in BOTH parties. 

How about the bankers and hedge fund executives? Have they been attacking him?

15 minutes ago, sukhumvitneon said:

Lmao.  This post is going into my cringe compilation.  When will Canucks realize they need the US more than the US needs them?

 

Lmao. This post is going into my cringe compilation. When will Americans realize that the sun does not shine out of their rectums?

 

 

 
I have never, ever heard of anyone in real live being so ashamed of being American that they lie and say they are from Canada. 
 
Good god im cringing so hard thinking of that. 

Well, maybe you should travel outside of Alabama and see what’s happening in the real world.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

What is this nonsense. Trump files his taxes just as everyone else does and pays what he owes or else the IRS would have already thrown him in jail. Taxes are just government theft. The only reason we have taxes was because Abraham Lincoln signed the Revenue Act that was to help pay for the civil war. There is no good reason for any citizen to have to give up his earnings to the wasteful incompetent government. 

When I see the statement “taxes are government theft”, I sense that you get the majority of your news from infowars, and if we looked closely enough in your closets, would find tinfoil that looked remarkably like a hat.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

4 hours ago, neeray said:

As a Canadian, what I am seeing is bully, non-negotiable, our-way-or-the-highway tRump is in over his fake head on this one (same as he is with China, Russia too but in a different way). I very much doubt that Canada will back down and kiss his fat axx. I am not a Trudeau fan by any means but I expect he will tell tRump to hit the road. And I expect tRump will eat humble pie in the end.

By cutting a deal with Mexico and then giving Canada the "opportunity to sign on", he is going to be taught a lesson that Divide and Conquer does not always work.

It is unknown for sure if he has the power to tear up NAFTA as there is a question as to whether or not that would require congressional approval. Congress will prove to be a little more level headed when it comes to damaging the relationship with Americas largest trading partner, especially when his future is in doubt anyway.

 

And that is the reason why smart Canadians are boycotting alot of American products. In this day and age, globalization is the way of the future. Insularity, wall building, breaking treaties, and alienating our closest allies is the way of bullies, idiots, ignoramuses, and a true deplorable. Trump is completely incompetent when it comes to foreign policy, and cannot negotiate his way out of a paper bag.