Good day,
Canada hasn’t ratified the United States-Mexico-Canada Agreement (USMCA) yet as lawmakers continue to review NAFTA’s successor. The deal still appears on track for approval despite a torrent of hearings and saber-rattling over some unpopular provisions, including allowances for a little more U.S. dairy to flow into Canada.
USMCA has support from political parties accounting for an overwhelming majority of lawmakers in Canada’s House of Commons. But those parties include opponents of Prime Minister Justin Trudeau’s Liberal Party, who are also keen to score some political points and drag out the process.
It shouldn’t be too much longer, though. The New Democratic Party — an opposition party left of the Liberals, recently agreed to help speed up the process. The NDP also helped defeat an effort by Conservatives, who support USMCA, to push hearings on the agreement into March.
Did you know?
The price of crude oil could eventually hit $80 to $100 in the event of a U.S. ban on fracking, according to a new report by energy analyst Michael Lynch.
Quotable:
“To get two juggernauts to share tracks and break bread together and to route through the States while negotiating the protests. It’s badass.”
— Corey Darbyson, director of intermodal carrier Transport DSquare, on the reported deal brokered by the Canadian government for Canadian National to use rival Canadian Pacific’s tracks to bypass protest blockades.
In other news:
Dray Alliance raises $10.2 million in Series A
Drayage startup Dray Alliance said it raised $10.2 million in Series A funding. (DC Velocity)
PS Logistics acquires assets from Southeast Logistics
PS Logistics, backed by One Equity, has acquired assets from Southeast Logistics. (PE Hub)
Coronavirus supply-chain impact rattles European firms
European companies, including auto parts suppliers, warn of supply-chain impacts from the coronavirus outbreak. (Financial Times)
Trucker gets 10 years for cross-border cocaine haul
A long-haul trucker received a 10-year prison sentence for attempting to smuggle more than 60 pounds of cocaine from the United States into Canada. (Windsor Star)
Truck driver’s daughter vanishes from Flying J
A trucker is pleading for help from the trucking community to help locate his missing daughter, who mysteriously vanished from a Flying J in Georgia more than a month ago. (CDL Life)
Final thoughts:
The Canadian Trucking Alliance, representing carriers across Canada, impressed upon lawmakers in Ottawa the need to get USMCA ratified.
Lak Shoan, the CTA’s policy director, told members of a trade committee that ratification “is of critical importance to our sector,” noting that trucks move nearly 70% of trade between Canada and the U.S.
Hammer down, everyone!