More than 23 years after it came into effect, the North American Free Trade Agreement is opened up for renegotiation today. The Globe and Mail is reporting Canada, Mexico and the United States won’t waste any time tackling the most contentious issues, including the Chapter 19 dispute resolution mechanism, when talks get underway in Washington, D.C. 

Today, BNN will assess what can be expected from this first round, if it could generate a high-drama moment like when Foreign Affairs Minister Chrystia Freeland walked out of CETA negotiations, whether talks could be affected by other controversies in Trump’s administration, and what’s ultimately at stake for Canada.

On the latter, here’s who we’ve got lined up for insight today: Former Canadian Diplomat Colin Robertson (10:00 a.m. ET), Canadian Federation of Independent Business CEO Dan Kelly (12:00 p.m. ET), New Flyer Industries CEO Paul Soubry (2:30 p.m. ET), Former Ontario Premier Bob Rae (4:30 p.m. ET)

CIBC CUTS TIES WITH PC FINANCIAL 

CIBC is cutting ties with Loblaw's PC Financial with the launch of no-fee Simplii Financial in November. CIBC says it will take $100-million in fees and charges in its fiscal fourth quarter. We’ll establish why CIBC is doing this, what it does for the competitive landscape, and what it means for the rest of Loblaw's President's Choice financial services.

GM SEEKS TO DELIST FROM TSX 

General Motors announced today it's seeking to delist from the Toronto Stock Exchange. If you didn't know it has a TSX listing, you might not be alone. A whopping 1,000 shares traded hands yesterday. That said, keep in mind that back in the bailout era, then-Finance Minister Jim Flaherty said it was "reasonable to me and appropriate" for the automaker to list here.

TRUMP CALLS OUT CEOs

Trump took fresh aim at the CEOs who’ve quit his manufacturing council during his rather remarkable news conference yesterday. “Some of the folks that will leave, they’re leaving out of embarrassment because they make their products outside [the United States],” he said. Shortly thereafter, one of the most powerful figures in American labour joined the exodus. AFL-CIO Chief Executive Richard Trumka tweeted his decision, saying he “cannot sit on a council for a President that tolerates bigotry and domestic terrorism.” We’ll continue tracking who’s in, who’s out, why, and the White House reaction.

U.S. National Economic Council Director Gary Cohn is apparently not happy with yesterday’s remarks by Trump. Axios says he’s “somewhere between appalled and furious.” A New York Times correspondent said via Twitter Cohn is “disgusted.” Keep in mind, Cohn is viewed as a candidate to be the next Fed chair.

B.C. MOVES TOWARD $15 MINIMUM WAGE

John Horgan’s B.C. government is taking a step toward fulfilling a campaign promise, saying yesterday it will proceed with the province’s previously-planned 50-cent minimum wage bump in September, and reiterating the NDP’s plan to hit $15 per hour “over time.” We wait to hear whether this will elicit a similar outcry from corporate leaders as we’ve seen in Ontario. 

OTHER NOTABLE STORIES:

-Any hopes for fireworks from European Central Bank President Mario Draghi in Jackson Hole later this month have been dashed. Reuters is reporting he "will not deliver a new policy message" next week. More here.

-Bombardier’s battle with Ontario’s transit agency continues as the train maker cries foul over Metrolinx’s “improper, arbitrary, unfair, unreasonable” decision to exclude it from bidding on a $2-billion contract.

-Sears Canada is planning to establish a $500,000 hardship fund for the retailer’s former employees, to be covered by “earned but forgone executive payment entitlements under the Key Employee Retention Plan.” This is subject to court approval. Worth considering whether half a million dollars in sacrificed bonus payments is enough to silence the outcry over exec compensation at the insolvent company.

NOTABLE RELEASES/EVENTS

-Notable earnings: Cisco, Target

-Notable data: Canadian international securities transactions (8:30 a.m.ET), U.S. housing starts (8:30 a.m. ET)

-First round of NAFTA renegotiations begins in Washington, D.C. (continues until Aug. 20)

-2:00 p.m. ET: U.S. Federal Reserve releases minutes from last meeting

 Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.