Elvis Costello sang about “later in the evening when arrangements are made.” We’re still in the morning of the Trump presidency and governments are sizing up partners.

TIME TO SCRAP NAFTA? 

Our Top Line on BNN today: The possibility that Canada could seek a new one-on-one trade relationship with the United States, negotiating without Mexico. A crucial Trump ally, Congressman Chris Collins, says a deal with this country would serve Americans better. "Our relationship with Canada has nothing to do with our relationship with Mexico," he told CNN Monday. "Canadians pay the same wages. They treat their workers with respect. They respect the environment.” 

And Trump adviser Stephen Schwarzman, chairman of global asset manager Blackstone Group (BXN.N), says Canada shouldn’t fret about renegotiation of the North American Free Trade Agreement. He told reporters in Calgary, where Prime Minister Justin Trudeau is meeting with ministers in a two-day retreat, that “I don’t think [Trudeau] should be enormously worried. Canada is held in very high regard. We have balanced trade between the U.S. and Canada and that’s not the kind of situation where you should be worrying.”

CHAREST ON TRADE

At 10:05 a.m. ET, we hear from former Quebec Premier Jean Charest, one of the architects of the Canada-EU trade deal.

He said last November that Trump’s repudiation of trade pacts makes Canada more appealing for international investors. "For Canada this is a huge, a new opportunity...  "or Europeans with whom we now have a trade deal, we are the landing strip for investment in North America."

Charest told BNN last week that Canada should secure a spot at the table if the United States and Britain pursue their own trade agreement.

AUTO EXECS MEET WITH TRUMP

Meanwhile, U.S. auto executives are getting set to meet Trump, who has accused them of not doing enough to protect American jobs. “Board members are trying to figure out who has friends in President Donald Trump’s new administration,” the Wall Street Journal says. "Task forces have been created to monitor his Twitter account.”

Incidentally, a chart with that article shows clearly how Mexico has eaten Canada’s lunch, breakfast and dinner since 2005 in terms of North American auto-making share.

Scotiabank reckons that this country has plunged to an annual deficit of $10-billion in autos and parts from a surplus of around $40-billion at the start of the century. Not that you hear much about it from Canadian politicians.

HUNTER HARRISON'S NON-COMPETE DETAILS 

We’re also tracking railroad king Hunter Harrison after Canadian Pacific (CP.TO) disclosed that its abruptly-departed CEO is barred from working for rivals Canadian National Railway  (CNR.TO,). BNSF Railway Co and Union Pacific (UNP.N). He is apparently not barred from teaming up with CSX (CSX.O), whose stock has soared almost 20 per cent in the past week amid speculation Harrison will attempt to juice the railroad’s performance.

THE GROWING MARIJUANA SECTOR 

Meanwhile, we’re continuing our wall-to-wall coverage of the emerging marijuana sector. On Commodities at 11:30 a.m. ET, we’ll hear from Jonathan Page, professor of Botany at the University of B.C  and CEO of privately-held Anandia Laboratories, whose research includes brewing its own yeast-produced cannabinoids.  The company says “Page is the first scientist to sequence the cannabis genome and make fundamental discoveries about THC biosynthesis.”

Every morning Commodities host Andrew Bell 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