: Trump's new trade deal is just NAFTA 'with some bells and whistles,' analysts say
03 October, 2018, 15:25
The new United States-Mexico-Canada Agreement (USMCA) is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.
On Sept. 30, the U.S., Canada and Mexico reached a deal to scrap NAFTA and replace it with a new trade accord, narrowly meeting a self-imposed deadline for consensus. The steel and aluminum tariffs imposed by the USA government as a "national security" measure earlier this year are still in place, and the text of the new NAFTA agreement doesn't remove them.
Clark called the deal a "leap backwards" but said Canada also didn't have any other choice.
The agreement doesn't get rid of Mr. Trump's steel and aluminum tariffs, but rather touches on them in a "side letter" with Mexico and Canada. Canada is by far the No. 1 destination for US exports, and the USA market accounts for 75 percent of what Canada sells overseas.
Benoit Fontaine, the chair of Chicken Farmers of Canada, likewise expressed reassurance that "a year of uncertainty over the future of the agricultural landscape in Canada is over".
The measures will have a "dramatic impact" on dairy farmers and cause the industry to shrink, said Pierre Lampron, president of Dairy Farmers Canada, in a statement. "We've seen so much investment in the dairy, chicken and egg industries in Ontario".
While Alabama only has a handful of dairy farmers left, the new deal hits home.
U.S. stocks started off the week on a high note Monday after a trade deal between the U.S., Canada and Mexico was announced on Sunday evening. By controlling the market access of foreign producers, the supply management system also provides stability by protecting the Canadian industry from lower prices that might result from an oversupply of imported milk. Once six of the 11 parties ratify, the trade zone enters into force among them.
USCMA also includes a section on good regulatory practices that Beachy said "would be better named deregulation".
Trudeau tried to placate Canadian dairy farmers by promising compensation.
For the general manufacturing sector, the sentiment is one of relief, said Dennis Darby, president and CEO of Canadian Manufacturers & Exporters.
Canadian dairy farmers sound off on new trade deal
He says Canada will work to protect local industries from USA producers flooding the market with steel and aluminum. However, he said they don't anticipate a decline in demand for oil from the U.S. "That to me really hurts".
It's a small price for either assemblers or parts companies to pay compared to the costs of ensuring compliance with either the enhanced regional content rule or more significantly, the new requirement that between 40 and 45 per cent of the value added created in Mexico must be produced by US$16.00 an hour wage labour. For example, he reminisced fondly about his May 2017 visit to Saudi Arabia and bragged about how he had refused to bow to Saudi Arabia's King Salman, who Trump said was "right out of central casting".
"I'm not happy, I'm ecstatic", Marshall said of the deal.
NDP Leader Jagmeet Singh said Canadians will end up paying more for things like milk and pharmaceuticals under the deal.
Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association, said Trump's comments could aid legal challenges against any such tariffs.
Trump and Trudeau did speak briefly about the agreement by phone Monday. Trudeau also spoke with Mexican President Enrique Pena Nieto.
Trump embraced the U.S. -Mexico-Canada Agreement during a Rose Garden ceremony, branding the pact the "USMCA".
Party Quebecois LeaderJean-Francois Lisee called the deal "a disgrace for Canada, a disgrace for Quebec".
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The Queenslander was dominant on serve in Chengdu with 12 aces, winning 82 per cent of points when his first delivery landed. The third set became an arm wrestle: Fognini breaking to start the decider before Tomic won the next three games.
The decision involves two processing units, with the first liquefied natural gas expected before the middle of the next decade. The facility would be able to send cargo from Kitimat to Japan in roughly eight days instead of 20 days from the U.S.
All while making it more appealing, the developers are made sure they don't annoy their users with ads or selling their privacy. Shortly after that, Zuckerberg's company was shaken by the scandal involving the leakage of user data from Cambridge Analytica.
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