Tuesday, 23 October, 2018

New trade deal has many fans & critics

Canada US secure revised NAFTA deal in last minute effort Reuters
| 05 October, 2018, 13:18

"The deal includes a substantial increase in our farmer's opportunities to export American wheat, poultry, eggs and dairy", Trump told a news conference outside the White House Monday.

But he stressed the government is committed to compensating them for any financial hit. And I fully - and I tell them that.

It would expand USA access to up to 3.75 percent of the Canadian dairy market, versus 3.25 percent in the Trans-Pacific Partnership.

The trade-off was increased access to the Canadian market for American dairy producers. Doesn't sound like a lot, but that'll be worth about $70 million to the American dairy industry.

The agreement will benefit farmers, ranchers and automobile workers, Trump said. -Canada trade. Canada's tariffs on dairy imports can approach 300 percent.

That's the same approach it took with CETA, the trade deal granting greater market access to European dairy producers.

The United States Mexico Canada Agreement was finalized Sunday night, hours before a us -imposed deadline.

That money comes in the form of grants to farms to update their equipment. Canada's loonie is also way up from where it was recently, with the Mexican peso also trading at a higher value too because of the new deal.

The deal could prompt automakers to build more cars in low-wage countries, but tariffs now imposed on cars built in China would make that a tough proposition.

Dairy was a major sticking point during negotiations.


Brian Dicken, the VP for Advocacy and Public Policy with the Toledo Regional Chamber of Commerce says, "Given a level playing field (US auto workers) can compete with anybody on producing products we want and need".

That could mean more jobs, more auto production, more distribution from and through Northwest Ohio.

Trudeau met privately with dairy representatives in downtown Montreal amid concerns in the industry that they're bearing the brunt under the recently concluded free-trade pact.

Nonetheless, Canada managed to salvage its red-line or walk-away demand, a rejigging of the conflict resolution clause that effectively keeps it in play, and pushing the review of the newly-minted deal to more than six years down the road when Trump will no longer be president and therefore bully-boy-in-chief, even if re-elected in November, 2020. It'll then go through Congress for approval.

"The effect of it was, you got this uncertainty in the market between buyers and sellers where they don't know what the price of the product is going to be", he said.

Canada has agreed to provide United States dairy farmers access to about 3.5 percent of its approximately $16 billion annual domestic dairy market.

"If we're cutting close to four per cent out of our industry, that four per cent is just gone, right?" he asked.

The new deal will replace the North American Free Trade Agreement (NAFTA), which had always been derided as unfair to the United States by Trump.

Canada has vowed to provide compensation for dairy farmers but details are not yet known.

He predicted the changes would force B.C. dairy farms to sell off their operations.

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