New trade agreement reached between US & Canada

Canada and US agree last-minute trade deal

HIS approach to rebooting the North American Free Trade Agreement has been unconventional and controversial, certainly, but say this for President Trump - he eventually got what he wanted, a new deal involving Mexico and Canada.

The new U.S. -Mexico-Canada Agreement on trade will preserve President Donald Trump's ability to impose threatened 25 percent global tariffs on autos while largely exempting passenger vehicles, pickup trucks and auto parts from Canada and Mexico, a side-letter to the agreement showed on Monday. The Trump administration had been working to renegotiate NAFTA with the governments of Canada and Mexico.

"The clause achieves a key policy imperative for the USA; namely, shutting China's backdoor to North America through Canada and Mexico", Ujczo said.

THE FACTS: North America already is a manufacturing powerhouse.

Talks between the US, Canada and Mexico began last August after Trump called it "one of the worst trade deals in history".

Speaking at a political rally in Wheeling, West Virginia on Saturday night, Trump told supporters: "We'll see what happens with Canada, if they come along".

The romantics who think worldwide commerce works best when bureaucrats determine trade flows will be pleased. "There are really no poison pills in here for Democrats". "But it would have been nasty, and it wouldn't have been nice, and I don't want to have that".

When finalized and implemented, the agreement will create more balanced, reciprocal trade that supports high-paying jobs for Americans and grows the North American economy, according to the White House.

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.

The Canadian dollar hit a four-month high against the USA greenback, and investors raised bets for as many as four additional interest rate increases from the Bank of Canada by the end of 2019.

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"Today the United States is measuring their success in terms of what they got and Canada is measuring their success by measuring what they didn't have to give up, so it's pretty clear which end of the stick we are on", Scheer told reporters.

"For those babies out there who keep talking about tariffs", this deal would not have happened without tariffs, Trump told reporters during a almost 80-minute event in the White House Rose Garden.

Another red line for Canada was Chapter 19.

TRUMP, on overcoming the major hitch with Canada: "Dairy was a deal-breaker".

"This deadline was real", according to a senior US official. Most of the key provisions of the deal won't go into effect until 2020 since leaders from all three countries have to sign it and then Congress and legislatures in Canada and Mexico have to approve it, the Washington Post reports.

The agreement is still awaiting ratification in all three countries, but for consumers in B.C. we'll soon see some changes to where we can buy USA wine, in USA dairy-product selection and duty-free limits.

Dairy Farmers of Canada, however, issued a terse statement saying the deal will have "a dramatic impact not only for dairy farmers but for the whole sector".

In a September 30 statement, the National Association of Manufacturers essentially breathed a sigh of relief.

The new United States-Mexico-Canada Agreement (USMCA) is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.

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