Monday, 22 October, 2018

US, Canada, Mexico trade deal, USMCA, NAFTA details: dairy, auto, dispute resolution

Rebecca Cook  REUTERS  Newscom Rebecca Cook REUTERS Newscom
Kenneth Drake | 02 October, 2018, 12:39

"USMCA 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", the joint statement said.

Likewise, he claimed that India - which he described as the "tariff king" - wants to start trade talks with the United States "immediately". 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. In August previous year, he started a review of the trade pact with Mexico and Canada that opened up negotiations.

Ontario Premier Doug Ford says he is optimistic about the new United States Mexico Canada Agreement, but he also has concerns.

THE CANADIAN PRESS Prime Minister Justin Trudeau and Minister of Foreign Affairs Chrystia Freeland hold a press conference regarding the United States Mexico Canada Agreement (USMCA) at the National Press Theatre, in Ottawa on October 1, 2018.

"This is a terrific deal for all of us", Trump said in a victory speech in the White House Rose Garden where he was surrounded by several members of his Cabinet and his trade negotiators who had worked to achieve the United States-Mexico-Canada Agreement (USMCA).

For example, it opens up about 3.5% of Canada's protected dairy market to USA farmers and allows Canadians to purchase five times the amount of foreign products online without paying an additional import tax.

"We've been sacrificed", he said in an interview.

The new deal covered trade between the three countries worth $1.2bn and was "truly historic", he said. That followed a testy meeting in June, when Trump accused Trudeau of being "dishonest". "I don't want them to have a hard time", Trump said. From 2020, cars must have 75% of their parts manufactured in Canada, Mexico or the U.S. to qualify for zero import tariffs - a substantial jump from the current 62.5% requirement. "We weren't at the table or maybe the deal would have been a little different".

The U.S. agreement with Ottawa will boost American access to Canada's dairy market - with some concessions on its heavily protected supply management system - while shielding the Canadians from possible U.S. auto tariffs.


India and the USA have been trying to negotiate favorable trade conditions since June after Washington slapped the country with new steel and aluminum import duties in March.

"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.

"It's not great news", said Miles Prodan, president and chief executive officer of the B.C. Wine Institute.

He is also still concerned about the remaining steel and aluminum tariffs.

Canada had previously offered the USA a 3.25-per-cent market share under the old Trans-Pacific Partnership agreement, which Trump also derided - and pulled the US from - after he took office in 2017. US officials intend to sign the new trilateral deal at the end of November, after which it would be submitted to the US Congress for approval, according to a senior US official.

The agreement ends worries that a draconian crackdown by Trump would force closures of auto plants built in Mexico by USA companies since the North American Free Trade Agreement took effect in 1994. "Let's talk about what Canadians want, which is to be able to buy wine from a Canadian winery and have it shipped to them".

"Justin Trudeau needs to explain how much Canada lost in the new USMCA".

"We try to operate domestically, but our quota is based on the domestic market", Sherk said.

"Enough discussion about NAFTA and what the Americans want and don't want", he said.

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