US, Canada reach trade deal hours before self-imposed deadline
US, Canada reach trade deal hours before self-imposed deadline
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02 October, 2018, 08:39
With the final piece hammered out Sunday night, the United States-Mexico-Canada Agreement replaces the North American Free Trade Agreement, which has been around since 1995.
"Canada has a long way to go", Trump said at a press conference last week.
"It'll probably or possibly be just USM".
"What the Americans were really demanding was access to our marketplace and wanting us to stop exporting", said Wiens.
Trudeau arrived at his office Sunday night but did not comment as he walked by reporters ahead of the unusual late meeting with his ministers.
"All of Canadian dairy farmers are upset today because the Trudeau government has given away between three to five per cent of our future earnings to the United States, and that's annual", he said.
The president has admitted there was "a lot of tension" but said it didn't affect negotiations.
"The door closes on trade fragmentation in the region", Jesus Seade, trade negotiator for Mexico's incoming president, said via Twitter.
"This deal makes our partnership even stronger and benefits people across North America", Trudeau tweeted.
"This a victory for Canada because that amount is actually well above what we now send south of the border".
In a joint statement, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement "will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home".
"When this got started, Canada was the teacher's pet and Mexico was the problem child", said Michael Camunez, president of Monarch Global Strategies and a former U.S. Commerce Department official.
Ryan Cardwell, an associate professor in the University of Manitoba's department of agriculture and agricultural economics, said Canada's supply management system will remain intact.
But it came at a cost, with Canada agreeing to provide USA dairy farmers with access to about 3.5% of its $16bn annual domestic dairy market, according to Canadian sources - and Canadian farmers hurt by the deal set to receive compensation.
Trump said he spoke earlier today with Trudeau and outgoing Mexican president Enrique Pena Nieto, and also extended thanks to Pena Nieto's replacement, Andres Manuel Lopez Obrador.
The agreement also exempts tariffs on 2.6 million cars.
"It takes a cloud and lifts it off the Canadian economy", said Bruce Heyman, the former US ambassador to Canada.
President Donald Trump, who blamed NAFTA for the exodus of manufacturing jobs to low-wage Mexico, had threatened to walk away from NAFTA unless major changes were made.
The deal lowers the risk of higher import tariffs on Mexican and Canadian goods arriving in the U.S., seen as a threat from the Trump White House used to secure trade concessions. Mexico wants a deal signed before December 1, when the new Mexican administration takes over and the Trump administration wants the current, Republican-controlled Congress to vote on the deal quickly, given a potential change in control after the November midterm elections.
Trump said he plans to sign the new agreement by end of November.
The lobby group says the measures will have "a dramatic impact not only for dairy farmers but for the whole sector", adding that it fails "to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood". "The new name will be The United States Mexico Canada Agreement, or USMCA", Trump wrote.
The new agreement was reached before Sunday's midnight deadline and will incorporate the United States' trade deal with Mexico that was reached in August.
US officials, in recent weeks, had been adamant that the text for a new deal - whether it would only be with Mexico or also include Canada - to be released by September 30 to meet congressional notification requirements and to allow outgoing Mexican President Pena Nieto to be able to sign the deal before he is succeeded by Andres Manuel Lopez Obrador, a left-wing populist.
But Canada also had to agree to offer more access to its highly protected dairy market, which infuriated the influential farming lobby.
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