President Trump announces new trade deal with Mexico, Canada

05 October, 2018, 13:15 | Author: Shannon Aguilar
  • Prime Minister Justin Trudeau leaves the Office of the Prime Minister and Privy Council after an agreement was reached in the NAFTA negotiations in Ottawa Ontario Sept. 30 2018

USA stock index futures also rose, with S&P 500 Index e-mini futures rising by more than 0.5 percent, suggesting the benchmark index would open near a record on Monday.

"Calling the new accord "truly historic news for our nation - and indeed, for the world", the United States leader said he hoped to sign it by the end of November".

"Without tariffs we wouldn't be talking about a deal", Mr Trump said.

"It's a great win for the president and a validation for his strategy in the area of global trade", a senior administration official told reporters. Although Canadian sources said its government was prepared to offer compensation, dairy farmers reacted angrily.

The deal has elements that are better than NAFTA, she said. He said Canada did not simply accept "any deal".

The measures in the new deal - which Mr Trump dubbed "US MCA" - "will support many - hundreds of thousands - American jobs".

This was with the goal of keeping the production of vehicle parts in the United States and help bring back some that had moved overseas.

However, the NDP said while auto tariffs are off the table, the Liberals have failed to get any assurance that the USA will lift aluminum and steel tariffs that impact the auto sector more than any other.

The U.S. and Mexico had already reached an agreement and was waiting on Ottowa to join. It replaces NAFTA, which Trump has lambasted as a job-wrecking disaster that has hollowed out the nation's industrialized base.

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"The dairy farmers across this country have faced challenges with those trade deals and I said that we understand that and we pledge to work with them, not to just to compensate them, but [on] what compensation is required".

The U.S. -China strife is also rooted in longstanding conflict between the two countries, which has put the American ideas of free trade at odds with China's state-led development structure.

"They put tariffs on our dairy products going into Canada, nearly 300 per cent".

The pact, if approved by Congress, will raise the percentage of a car's content that must be built within the trade bloc to 75 per cent from 62.5 per cent if it is to qualify for duty-free status.

Trump's advisers view the trade pact as a political victor in Midwest battleground states critical to the president's 2016 victory and home to tens of thousands of auto workers and manufacturers who could benefit from the changes. According to The Washington Post, the provisions are expected to apply from 2020, after leaders from the countries sign it and respective legislatures give their approval.

The foundation has long called for the scrapping of Canada's supply managed dairy industry, which effectively controls markets through production quotas, fixed pricing and heavy tariffs on imports ranging between 246 and 300 per cent. "He's a professional. I'm a professional", Trump said, calling it a "fair deal".

Canada's tariffs of more than 200 per cent on various other dairy items - milk, cream, cheese, butter - will remain the same as they were, a Canadian government official confirmed on Thursday. Trump imposed tariffs on metal goods from Canada starting on June 1, and criticized Trudeau as "meek and mild" from Air Force One while leaving the G7.

For example, Freeland said the deal gets rid of the ISDS, the investor state dispute settlement mechanism between Canada and the US, which she said allows foreign companies to sue the Canadian government. "Without tariffs, we wouldn't be standing here", he said.

President Donald Trump has accused China of unfair development tactics, including "stealing or pressuring foreign companies to hand over technology". Uncertainty over the fate of NAFTA talks had threatened to batter Mexico's currency and economic outlook. Julie Kenney is the Deputy Secretary for the Iowa Department of Agriculture and says going back to the way things were before the renegotiation process is welcome news. Pena Nieto said via Twitter on Monday that the deal negotiated over the last 13 months "achieves what we proposed at the beginning: a win-win-win agreement".

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