Wednesday, 12 December, 2018

US, Mexico, Canada agree on new free trade pact

039;We’ve been able to come to an agreement that creates more stability and a greater level of confidence in the business community confidence in making investments in Canada and as well investments in the other North American economies,' Financ Trump and Trudeau agree on a revised NAFTA deal
| 04 October, 2018, 08:43

"Mexico and Canada will be opened up a lot more than they are now".

"The negotiation will not be reopened with the United States".

"It basically, kind of blocked off the USA and other countries from exporting products like ultra-filtered milk or like, protein powders from milk into Canada, and kind of protected the Canadian ultra-filtered milk market", Williams said.

Trump, who most recently slapped tariffs on $200 billion in Chinese goods, has said the tariffs are created to protect USA interests from Chinese actions, such as the theft of American intellectual property-which is estimated to cost the US economy $180 million to $540 billion annually, according to 2017 estimates by the IP Commission of the National Bureau of Asian Research, an independent research organization.

"Dairy trade with Canada was one of the most hard and contentious negotiating issues to solve in the entire USMCA deal", Ryan said in the statement.

Prime Minister Justin Trudeau had made clear he felt the tariffs should be removed before the new United States-Mexico-Canada Agreement could be signed, but President Donald Trump's administration has refused to act for now. That will be the name, I guess, that 99 percent of the time we'll be hearing, USMCA.

Canada still intends to pursue closer trade ties with China even as a clause of the new trade deal with the United States and Mexico places restrictions around seeking free-trade agreements with the Asian superpower.

The new trade deal would also raise the percentage of each auto that must be made in North America in order to be sold in the market. Canadian protections for its dairy industry had been a long-standing sore spot for President Trump.


He simply dismisses any other perspective on trade put to him: "I don't want to hear that", Bob Woodward quotes him as responding to Gary Cohn, his short-lived director of the National Economic Council, in Woodward's new book, Fear: Trump in the White House. And with that, after almost 14 months of tense negotiations, we now have a newly named regional trade agreement.

"On Tuesday, all the rumblings were that Trump and Trudeau were going to meet at the General Assembly - in fact, senior-level USA officials were telling stakeholders that at private dinners, luncheons, receptions in Canada and the US", the source said.

Trump has approved the deal with Canada, a source familiar with the decision said.

Earlier, Trump took a victory lap on Twitter after the last-minute deal was reached.

"The new name will be The United States Mexico Canada Agreement, or USMCA", Trump wrote. The United States has been increasing the pressure on China in recent months to change what it views as unfair trading practices; as of last month, the United States has imposed tariffs on US$250-billion of Chinese goods - representing almost half of its annual imports from China.

Following an Oval Office meeting with Trump, Congressman Steve King said that China will soon be paying a heavy price for stealing American intellectual property.

Mexican officials have said they hope the steel and aluminum dispute can be resolved before USMCA is signed. Still, for both labor and environment standards set out in the new accord, labor unions and other groups said it was unclear whether the provisions had strong enforcement rules tied to them.

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