U.S. president cheers new USMCA trade deal, heralds end of NAFTA era

02 October, 2018, 12:40 | Author: Kathy Ellis
  • iShares MSCI Mexico Inv. Mt. Idx. (ETF)(NYSE:EWW): New NAFTA Deal Is Done

The agreement would end more than a year of hard-slogging talks on revamping the North American Free Trade Deal, and cap a weekend of last-ditch negotiations created to meet a Monday deadline set by the U.S.

Despite reaching a new trade agreement with Mexico and Canada over the weekend to replace the North American Free Trade Agreement, President Trump said at the White House on Monday the key us trading partners would still not be exempted from USA steel and aluminum tariffs.

In a joint statement, USA and Canadian trade representatives said the agreement "will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region".

Canada and China had launched exploratory free trade talks in 2016. While the system helped support a wave of new processing capacity that's being built across Canada, U.S. farmers complained it effectively blocked imports and dragged down world prices.

Chapter 11 is eliminated entirely for Canada and mostly for Mexico, except for some key industries like energy and telecommunications.

While Peter Navarro, the director of the White House National Trade Council, said the new deal means that "NAFTA is dead", the USMCA still retains large swaths of the original deal.

The new deal, dubbed the US-Mexico-Canada Agreement, is expected to be signed by the leaders of the three member countries - US President Donald Trump, Canadian Prime Minister Justin Trudeau, and Mexican President Enrique Peña Nieto - in November.

He said market access - Canada's supply management system rigidly controls foreign exports to the Canadian market - has suffered significant hits in a series of recent trade deals. "We got a win-win-win for all three countries", Trudeau said.

If a Nafta deal is reached, the USA government would see little reason to impose auto tariffs on Canada, though it was unclear whether there would be any hard exemption granted, some of the people said.

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.

But Canada has been obliged to make concessions, in particular allowing U.S. dairy farmers access to about 3.5 percent of its $16 billion (13.8€ billion) domestic market. "There is no reason to change USA economic forecasts as a result of the deal".

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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.

And he cheered the fact it will give American farmers and dairy producers greater access to markets in Canada and Mexico, protect auto manufacturing jobs and encourage innovation on USA soil.

"His tariffs are too high, and he doesn't seem to want to move, and I've told him 'forget about it, '" Trump told reporters then.

Trump has approved the deal with Canada, a source familiar with the decision said. Canada had already given up a cut of its lucrative dairy sector in two previous trade deals, one with the European Union and another with Pacific Rim nations.

The new deal avoids the collapse of the North American Free Trade Agreement or NAFTA.

"There was a lot of tension between he and I ... but it all ended around 12 o'clock last night" when the new deal was reached, Trump told a news conference in the White House Rose Garden.

"Both Ontario and our partners to the south succeed when we can trade easily". "China wants to talk very badly", he said.

Trump has argued that such an action represented an attempt to interfere in next month's US midterm congressional elections, but the supplement's attempt to flag up how, in particular, Iowa's farmers have benefited from the way the China-US economic relationship has evolved, nevertheless rings true.

Canada had opposed USA demands to weaken or eliminate NAFTA'S dispute resolution mechanism, whose arbitration panels Ottawa used to resolve trade conflicts, and to defend against United States anti-dumping and countervailing duties, notably against its important lumber industry.

The 25 percent steel and 10 percent aluminum tariffs were implemented in March.


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