U.S., Canada agree on free trade pact

02 October, 2018, 12:38 | Author: Shannon Aguilar
  • iShares MSCI Mexico Inv. Mt. Idx. (ETF)(NYSE:EWW): New NAFTA Deal Is Done

The president said the United States-Mexico-Canada Agreement (USMCA), which replaces Nafta, would bring thousands of jobs back to North America.

Paul Evans, a professor at the University of British Columbia, said the "astonishing" clause appears to pull Canada into line with the U.S.as the Americans engage in an escalating trade war with the Chinese - as of last month, the Washington and Beijing had slapped new tariffs on US$360 billion worth of bilateral trade in goods.

Trump's "America First" trade policies, particularly his escalating trade war with China, are aimed at boosting USA manufacturing, but they have spooked investors who worry that supply lines could be fractured and global growth derailed. Some of these provisions might be hard to enforce, but the Trump administration says it is committed to ensuring these happen - a reason U.S. labour unions and some Democrats are cheering the new rules.

In a big victory for Canada, NAFTA's Chapter 19 dispute resolution system, which involves anti-dumping and countervailing decisions, will remain intact. The deal extends patents on biologics from eight to ten years, meaning Canadians are going to have to wait two more years to access cheaper generic versions of medication they need to treat chronic conditions like rheumatoid arthritis and Crohn's disease. But even that disapproval was relatively muted. The province held its election on Monday, less than 24 hours after the deal was released.

"It's a great win for the president and a validation for his strategy in the area of worldwide trade", a senior Trump administration official said. "So fair trade is always better than using one commodity to make an agreement happen". And the Liberals have failed to get any assurance that the USA will lift aluminum and steel tariffs. He said he was pleased with the deal, given the circumstances and despite moments of "pessimism" along the way.

Trump said the relationship with both India as well as the country's Prime Minister Modi "is great".

On Monday, Trump tweeted a congratulatory message to Mexico and Canada.

One surprise area where there has been no change is that USA tariffs on Canadian and Mexican steel and aluminium will remain for now, even though this was seen as a key barrier to a deal.

The Americans made the text of the agreement public Sunday night, with the leaders of all three countries likely to convene before the end of November to sign the deal.

The deal did give an immediate boost to the Canadian economy after months of uncertainty, with the Canadian dollar rising to its highest level since early this year.

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He said he hopes the aluminum and steel tariffs can be resolved shortly, but that the manufacturing industry didn't lose on what's in the new deal.

As official statements responding to the United States Mexico Canada Agreement (UNMCA) roll in, CBC News will post them below. "I want us to look at all options to defend our producers". "The fact is that the American economy is 10 times bigger than the Canadian economy".

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

There was no guarantee that the trade negotiations would turn out this way.

Trudeau and Freeland were scheduled to speak to premiers at 11 a.m. Monday, followed by a press conference at noon.

"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.

The Canadian Chamber of Commerce said it was relieved that an agreement in principle had been reached.

"This is a situation where President Trump took away some of the concessions that were granted under the original NAFTA", she said.

House agreed the language could give the U.S. "US steel companies winning, Canadian steel companies losing".

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