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Stocks gain...Canada welcomes trade deal...Economists predict healthy growth

October 1, 2018

NEW YORK (AP) — Shares in manufacturers and car companies are higher, helping give stocks a solid boost, after the U.S. and Canada agreed to a new trade deal that also includes Mexico. U.S. crude oil reached its highest price in almost four years. Tesla shares gained 16 percent after Elon Musk agreed to give up the chairman’s role for at least three years, while Tesla will appoint two new, independent directors to its board. The stock plunged 14 percent Friday after the Securities and Exchange Commission said Musk misled investors in August with a tweet saying he had secured the funding to take Tesla private.

WASHINGTON (AP) — Canadian Foreign Minister Chrystia Freeland says the new free trade deal with the United States and Mexico is a victory for Canadians. Freeland was Canada’s chief negotiator in the talks. She says the deal maintains tariff free access to the majority of Canadian exports to the American market. The U.S. market accounts for 75 percent of what Canada exports so a free trade deal is critical for Canada.

WASHINGTON (AP) — President Donald Trump says he’s “not at all confident” Congress will approve his revised North American trade deal. He says Democrats will have the 2020 presidential race in mind and might not want to approve what he calls “one of the great deals” for the American people. Trump said today he hopes members of Congress will ratify the agreement if they think it’s a fair.

WASHINGTON (AP) — A prominent group of business economists says that the economy should grow at a healthy pace this year and next, though the Trump administration’s trade policy will likely act as a drag. The new survey of 51 economists by the National Association for Business Economics says growth should reach 2.9 percent this year. That would be up from just 2.3 percent in 2017. Growth is forecast to be 2.7 percent in 2019.

WASHINGTON (AP) — U.S. factories grew at a slower pace in September as manufacturers continued to cope with supply disruptions stemming from trade disputes with China, Europe, Mexico and Canada. The disruptions forced manufacturers to make a larger draw on their inventories. Overall, according to the Institute for Supply Management, the country’s industry continues to show strength. The trade group of purchasing managers said its manufacturing index fell last month to 59.8 from 61.3 in August. Anything over 50 signals growth, and U.S. manufacturing is on a 25-month winning streak.

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