Sunday, 18 November, 2018

With new trade pact, Trudeau dumps China for Trump

The countries had a deadline of midnight on Sunday to reach an agreement The countries had a deadline of midnight on Sunday to reach an agreement Getty Images
Pablo Mccormick | 03 October, 2018, 05:09

Eric Miller, an advisor on trade negotiations and president of the Rideau Potomac Strategy Group, said its clear the clause "makes you choose between the United States and China".

The deal, which replaces the North America Free Trade Agreement (NAFTA), was hammered out in the 11th hour before Sunday's deadline.

The newly minted U.S. -Mexico-Canada Trade Agreement, or USMCA, will grant an expanded 3.6% market access to the domestic dairy market and eliminate competitive dairy classes, which will shrink the Canadian industry, according to a statement by Dairy Famers of Canada. The new agreement will do more than simply help the three economies generate more growth (they already trade more than $2 million a minute). "We look forward to further deepening our close economic ties when this new agreement enters into force".

Compared to overall production in the US, the increased access to Canadian customers is "tiny", not even enough to meet annual growth in American production, he said.

The deal reached Sunday gives farmers greater access to the Canadian dairy market, a big win for the Trump administration. For example, it agreed to retain a NAFTA dispute-resolution process that it wanted to jettison but Canada insisted on keeping. Mr Trump could then focus on a reasonable resolution to the damaging trade war he started with China over allegations that China was stealing United States intellectual property. However, the deal is expected to contain key provisions on Canada's dairy industry and auto exports to the US.

Some analysts saw this trade agreement as a potential sign of the Trump administration's willingness to make trade deals, though prospects for an agreement with China aren't likely to be changed by this news.

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Trump said the tariffs he has imposed - or threatened to levy - may be a key reason he landed an agreement after months of agonizing talks.

"It sure seems that the Americans and Donald Trump are more interested in looking after agriculture in their industry than the Canadian government is looking after, particularly the dairy industry in Canada", said Haasen.

After a year of often heated talks, a new trade agreement has been reached between Canada, the US and Mexico.

Manufacturers of durable goods like washing machines could benefit and OH dairy farmers- who have little access to Canadian markets-will get a little more help in this deal.

Canada also agreed to get rid of its two-year-old Class 7 pricing agreement that has restricted USA exports of ultra-filtered milk used to make dairy products. "Moving forward, it is critical that additional steps be taken regarding the recent tariff escalation as we work towards bringing those down as quickly as possible".

During his news conference, Trump said the steel and aluminum tariffs were a separate issue from the USMCA, and that they would remain in place "until such time as we do something different, such as quotas".

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He said: "I am pleased with the effort, I am pleased with the commitment, I am pleased with the improvement". They raised the level of their intensity in spite of the fact we don't have many with that intensity.

Nafta governs more than $US1 trillion in trade between the two and Mexico.

Alongside changes to the dairy market in Canada, officials said it includes stronger protections for workers, tough new environmental rules, and updates the trade relationship to cover the digital economy and provides "groundbreaking" intellectual property protections.

Despite progress made to overhaul NAFTA, Trump still faces several other trade disputes around the world, not least with China, where the president has slapped a tariff on $200bn on Chinese imports.

The US, Mexico, and Canada Agreement or USMCA, a jubilant Trump told reporters at the White House, would revive the manufacturing sector in the US and create hundreds and thousands of jobs in America.

Brian Dicken, the VP for Advocacy and Public Policy with the Toledo Regional Chamber of Commerce says, "Given a level playing field (US auto workers) can compete with anybody on producing products we want and need".

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Ricin, which is part of the waste produced when castor oil is made, has no known antidote and can be lethal. He stressed that authorities were still waiting for confirmation that the packages contained ricin.

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