Historic impeachment inquiry a new twist for Trump’s long, winding path to new NAFTA

A big advantage of President Donald Trump’s pursuit of bilateral trade negotiations like his limited agreement this week with Japan is that it largely avoids the need to run those deals through Washington’s legislative gauntlet. But Trump’s signature trade accomplishment so far — the U.S.-Mexico-Canada Agreement — is an exception that requires congressional approval. And suddenly, it risks being sucked into the maelstrom of an historic impeachment inquiry. U.S. Trade Representative Robert Lighthizer said Wednesday he remains confident that the fundamentals of the new NAFTA deal are sufficient to rise above…

Trudeau taps ex-McKinsey executive Dominic Barton as ambassador to China

Justin Trudeau is turning to the former global head of McKinsey & Co. Inc. to help resolve a festering diplomatic dispute with China. The Canadian prime minister named Dominic Barton as his ambassador to Beijing on Wednesday. The key post had been vacant since the beginning of the year, when the previous envoy was forced to resign after making controversial statements about the extradition case of a top Chinese executive. In addition to his role with McKinsey, Barton previously led the Trudeau government’s advisory panel on economic growth and took…

Last time Canada’s economy gained this many jobs in a year it was 2003

Canada recorded one of its best months of job gains on record in August, a surprising show of strength by a labour market that has been relentlessly powering the nation’s expansion. The economy added 81,100 last month, Statistics Canada said Friday in Ottawa, versus expectations for a gain of about 20,000. Canada has now added 471,300 jobs over the past 12 months, the most in a year since 2003. The unemployment rate was unchanged at 5.7 per cent, as much of the employment gain reflected a surge in new entrants…

It’s getting harder for the Bank of Canada to ignore the trade war

The Bank of Canada is expected to open the door further to interest rate cuts at a decision Wednesday, amid worries U.S.-China tensions will curb a relatively robust expansion at home. In a policy statement due at 10 a.m. that’s likely to keep benchmark rates unchanged at 1.75 per cent for now, economists expect Governor Stephen Poloz will underline his unease with the global trade outlook and signal a greater willingness to join the Federal Reserve and other central banks in cutting borrowing costs, as early as next month. The…

Banks make plans as Boris Johnson readies U.K. to leave European Union ‘do or die’

Global banks are preparing their staff in the U.K. for big changes as the prospect of a no-deal Brexit in October looms. JPMorgan Chase & Co., Nomura Holdings Inc. and Wells Fargo & Co. are among those taking action as the British government tries to stare down the European Union on the terms of withdrawal, increasing the chance of a chaotic exit from the bloc that could curb access to talent and certain markets. JPMorgan sent a memo to its employees in the U.K. this week asking them to check…