Trump hails 'historic' Canada, Mexico trade pact

Trump hails 'historic' Canada, Mexico trade pact

The United States, Canada and Mexico have just struck a new trade deal after several months and rounds of tense negotiations.

There are bigger lessons from the new agreement, said Baskin.

It will take time to sort through the text, and to evaluate the details to assess the winners or losers, though all three countries were celebrating the deal Sunday night as a win-win-win.

"Many Canadians were anxious we wouldn't get a deal, but today, numerous same Canadians are anxious about what we have given up to get this deal".

Trump from the start has harped on what he said was NAFTA's harm to American auto manufacturing and workers, and vowed to undo a deal that had been associated with shuttered factories in states like MI and OH that narrowly helped him win the White House.

"This is a very very big deal for our farmers. I don't want them to have a hard time", Trump said.

"Nothing but good news here for the USA dairy industry".

In the end, Canada is keeping most of its complex system in place, but it is giving greater market share to USA dairy farmers.

Canadian dairy farmers surrendered about 1.5 per cent of domestic market access through the Comprehensive Economic Trade Agreement between Canada and the European Union, 3.25 per cent when the 12-nation Trans-Pacific Partnership was finalized and now about 3.6 per cent in the USMCA. "The market has continued to erode".

Farmers in the United States would also gain greater access to Canada's dairy market through the deal.

Dan Ujczo, an global trade lawyer with USA law firm Dickinson Wright, said the tariffs would only apply to vehicles which do not meet country-of-origin rules.

U.S. dollar rises on weaker euro, Fed policy; stocks gain
However, while the USA dollar has found renewed strength, Callow says it may not remain that way for long. For the first nine years of the economic expansion, annual GDP growth averaged only around 2.2 percent.

He added: "Congratulations to Mexico and Canada!" "There's a lot of concern about the deal". "By doing so, it is slowly bleeding Canada's dairy sector". "The Government has conceded access to our domestic market to the USA, affecting our ability to produce Canadian milk".

Canada will also give the USA more access to its supply managed dairy system, which controls output by matching production with demand through quotas and import tariffs.

Asked at a press conference in Ottawa Monday how much influence the clause would give the USA over potential free-trade negotiations between Canada and China, Prime Minister Justin Trudeau did not answer directly.

However, the deal still needs to be ratified in Congress, which President Trump noted could be a challenge.

Trump hasn't made his disdain for NAFTA a secret, calling it the "worst trade deal ever made" and a job-killing "disaster" for the United States.

"Though markets were already anticipating an agreement, one source of worry will be swept away if a deal is made", Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo, said.

Alongside changes to the dairy market in Canada, officials said it includes stronger protections for workers, tough new environmental rules, and updates the trade relationship to cover the digital economy and provides "groundbreaking" intellectual property protections. "As the premier said in Question Period we will stand up for our farmers and hold the federal government accountable to compensate the agricultural sector".

NDP leader Jagmeet Singh and trade critics Karine Trudel, left, and Tracey Ramsey speak to reporters about the USMCA trade deal, Monday.

Trump complained about the behavior of Canadian officials, and said he rejected a meeting with Prime Minister Justin Trudeau, although Trudeau's office said no meeting was planned.

Bruce Ralston, the B.C. minister responsible for trade, said Monday his government will move to comply with the agreement.

"Everyone knew it was a problem", he said.

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