Published: Tue, October 02, 2018
Markets | By Erika Turner

I Use the Word Because of the Trade Deal With Mexico

I Use the Word Because of the Trade Deal With Mexico

"So instead of it being the US, it would be high-wage labour, which of course includes Canada, and suddenly the USA and Canadian interests were aligned and this was a deal that Canada could do" Freeland said. The three still need to resolve the USA decision to impose "national security" tariffs on steel and aluminum from Canada and Mexico, which led those countries to impose retaliatory tariffs on billions of dollars' worth of U.S. farm and manufactured products.

Peter Navarro, White House trade adviser, said on Sunday Morning Futures, that the goal for the agreement is to restore "North America as a manufacturing powerhouse".

Trump threatened to go ahead with a revamped NAFTA, with or without Canada.

The US and Mexico were pushing to get the new deal through their legislatures before Mexican President-elect Andres Manuel Lopez Obrador takes office on December 1.

But the biggest relief was knowing the auto tariffs suggested by Trump wouldn't materialize, said Baskin. "The new name will be The United States Mexico Canada Agreement, or USMCA", Trump wrote.

The AFL-CIO, a Washington-based federation representing millions of unionised employees, said it was too early to "make a final judgment" on the new deal's impact on working people.

The economic agreement was forged just before a midnight deadline imposed by the U.S.to include Canada in a deal reached with Mexico late in the summer.

President Trump has repeatedly criticized Canada on social media for the Class 7 system, which applies to ultra-filtered milk, a high-protein product used in making cheese and yogurt.

The United States Mexico Canada Agreement will replace the North American Free Trade Agreement, which was approved by President Clinton in the 90s.

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"It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the US and will bring all three Great Nations together in competition with the rest of the world", he continued.

A high-ranking team of Canadian officials, including Canadian PM Justin Trudeau, Canada's Ambassador to Washington David MacNaughton, and Foreign Affairs Minister Chrystia Freeland, were thrashing out the details of the deal via video conference with Washington over the weekend.

The new agreement largely leaves the broad deal intact and maintains current supply chains that would have been fractured under weaker bilateral deals.

Other contentious, so-called USA poison pills - which would have limited Canada and Mexico's ability to bid on lucrative US procurement projects - are gone.

Trudeau fired back: "We won't sign a bad deal for Canada". "I just don't think it gets wiped away and resolved with an agreement in principle on the trade agreement".

"These measures will support many - hundreds of thousands - American jobs", Mr Trump said. But the agreement will now push Canada's current copyright terms, which stood at 50 years past the author's life, to 70 years so that it can fall in line with US protections.

Jean Simard, who speaks for three large aluminum producers in Canada - Alcoa Canada Ltd., Rio Tinto Alcan Inc. and Aluminerie Alouette Inc. - said industry representatives will be working alongside their USA counterparts to demand exemptions from the tariffs.

The Trump administration had threatened to proceed with a Mexico-only trade pact as USA talks with Canada foundered. Additionally, exclusivity for biologic drugs before generics can be produced will be increased to 10 years in Canada from eight years, a win for the pharma industry.

But now that the USMCA was done, he predicted, Canada, the United States and Mexico, would work together to take on the world as a North American market. The province of Quebec, a powerful dairy center, said it was examining its options amid speculation it might sue to block the deal.

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