U.S. Trade Representative Robert Lighthizer, right, speaks with Canadian Foreign Affairs Minister Chrystia Freeland, as they leave a news conference, which included Mexico's Secretary of Economy Ildefonso Guajardo Villarreal, Wednesday, Aug. 16, 2017, at the start of NAFTA renegotiations in Washington.Jacquelyn Martin/The Associated Press
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WHAT YOU NEED TO KNOW
U.S. demands steep concessions, not 'mere tweaking,' in NAFTA talks
On the opening day of NAFTA talks in Washington, U.S. President Donald Trump's trade representative Robert Lighthizer said the Trump administration will demand steep concessions from Canada and Mexico, including a U.S.-content requirement for cars and trucks made in the free-trade zone. Lighthizer's opening speech served notice that the U.S. won't accept the Canadian and Mexican strategy of turning the NAFTA talks into an exercise of simply updating the current deal to cover the digital economy.
Canada and Mexico struck a completely different tone from the U.S. during the opening session. Foreign Minister Chrystia Freeland described trade between Canada and the U.S. as "balanced and mutually beneficial" and that the country pursues "trade, free and fair, knowing it's not a zero-sum game." Mexico's Economy Secretary Ildefonso Guajardo said changes to the deal have to ensure more trade, not less. The primary goal for both Canada and Mexico at the talks will be resisting any attempts by the U.S. to claw back the current open market, while also seeking opportunities to broaden the agreement.
Trump disbands business councils after CEOs exit in protest
U.S. President Donald Trump has disbanded two business councils as CEOs continue to quit in protest over his comments on the race-fuelled violence in Charlottesville, Va. "Rather than putting pressure on the businesspeople of the Manufacturing Council & Strategy & Policy Forum, I am ending both," Trump tweeted. 3M CEO Inge Thulin is the latest executive to leave the American Manufacturing Council, a day after executives from Merck, Under Armour, Intel and the Alliance for American Manufacturing quit. The Globe's editorial board weighed in on the recent departures of American executives from Trump's business advisory councils.
CIBC to cut ties with President's Choice, unveils own digital bank
A nearly 20-year relationship between the Canadian Imperial Bank of Commerce and President's Choice Bank is coming to an end as CIBC launches a new banking brand called Simplii Financial. CIBC will "wind down" President's Choice ATMs and in-store kiosks starting in November. Customers can still use online and telephone banking, and CIBC banking machines. The move comes as Canada's fifth largest bank continues its shift to digital banking to take on online rivals such as Tangerine Bank and EQ Bank.
Rob Carrick takes a look at five things you need to know if you're a President's Choice Financial client.
Far-right groups attempt to hold rallies in Canada
The University of Toronto has told a white nationalist group that they are not welcome to hold a rally on campus. The group – called the Canadian Nationalist Party – has set up a Facebook page promoting a gathering on campus in September to discuss the nationalist movement in Canada and the future of the country. U of T's president, Meric Gertler, said bigotry, hate and violence have no place on campus and condemned the deadly clash between protesters and white supremacists in Charlottesville, Va., over the weekend that left one woman dead and 19 others injured.
Meanwhile, Vancouver Mayor Gregor Robertson said there is little the city can do to prevent a rally planned for this weekend by far-right groups, but he hopes residents confront racist rhetoric peacefully after the recent turmoil in the United States. Robertson condemned the rally planned for City Hall by a collection of small groups opposed to Islam, the Canadian government's immigration policies and what they call the loss of the country's "European heritage."
MARKET WATCH
Canada's main stock index ended lower on Wednesday as falling oil prices put pressure on energy shares. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 0.10 per cent at 15,082.21. U.S. stocks ended up on the day, but off the day's highs after news of U.S. President Donald Trump shutting down two White House business advisory councils and the Federal Reserve's worries about weak inflation. The Dow Jones Industrial Average rose 0.12 per cent to 22,024.87 and the S&P 500 gained 0.14 per cent to 2,468.11. Oil prices slid on news that increased U.S. production would add to the global crude glut.
WHAT'S TRENDING
The name's Craig. Daniel Craig. The British actor has confirmed that he will reprise the role of James Bond in the franchise's 25th film, which is due to hit screens in November, 2019. Craig told Stephen Colbert on Tuesday night's Late Show that it will likely be his last time playing 007, and that he hopes to "go out on a high note." The 49-year-old actor has played Bond four times thus far, in Casino Royale (2006), Quantum of Solace (2008), Skyfall (2012), and Spectre (2015). He previously suggested that he wouldn't be interested in returning as Bond.
TALKING POINTS
This is exactly the America Steve Bannon wanted
"Steve Bannon's White House days may or may not be coming to an end, but the end-of-days agitator can only look back on his first (or last) seven months in the West Wing with deep-state satisfaction. The country is descending into violent civil conflict, the white nationalist forces are in the ascendant and the President of the so-called United States seems to revel in dividing them." – Konrad Yakabuski
Don't stop at Confederate statues. U.S. Army bases also need to be renamed
"It seems odd that the U.S. Army ever considered naming its bases after men who, by definition, conducted war against the United States. It seems even odder that a military force in which racial minorities comprise one-quarter to one-third of the force would be asked to serve on bases named after men who fought to maintain slavery." – Michael Newcity
China should release Liu Xia, or risk repeating a terrible injustice
"It is highly distressing to think that in today's China, when the country is moving toward fulfilment of the China Dream, that a woman who has been charged with no crime can be made to disappear because the state considers her existence to be an embarrassment. China must release Liu Xia. Let her say what she wants. Surely, China won't collapse because of the words of a 56-year-old widow." – Frank Ching
LIVING BETTER
The relationships between exercise, appetite, weight control and hunger are complicated. You'd assume that you burn calories during exercise and, over time, should drop pounds. But the reality is sometimes counterintuitive. Most people who start exercising lose fewer pounds than would be expected, given the number of calories they are burning during workouts. Many people even gain weight. A new study offers an explanation for this, suggesting some types of exercise may be better than others at blunting appetite and potentially aiding in weight management.
LONG READS FOR A LONG COMMUTE
Built by NAFTA: How free trade saved this Canadian manufacturer
"We call ourselves a NAFTA company," said Art DeFehr, a doyen of Canada's furniture industry. As the first round of NAFTA talks kicked off today in a process that threatens to upend the continent's long-established trade networks, here's a look at one Canadian company who has used the trilateral deal to its full advantage. (For subscribers)
Evening Update is written by Kristene Quan, Omair Quadri and Kiran Rana. If you'd like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.