Canada's finance minister touts USMCA but says dairy, steel sectors need help

Canada's finance minister touts USMCA but says dairy, steel sectors need help

It replaces NAFTA, which Trump has lambasted as a job-wrecking disaster that has hollowed out the nation's industrialized base. How do they oppose more jobs and higher wages for American workers?

The deal removes the prospect of reversion to pre-NAFTA barriers on the movement of food and other goods between the United States, Canada and Mexico. It is also important that the agreement not hinder energy integration across North America, which has brought the continent closer to real energy security than ever in the past 50 years. Given the tight links between the three North American economies, maintaining the USMCA would most likely take priority over a deal with China.

But America had to make some concessions, too. Suddenly, Canada was Trump's NAFTA target. The president calls Canada's prime minister "dishonest" and "weak" after Trudeau repeats his objections to massive steel and aluminum tariffs Trump imposed the previous week - tariffs that remain today. But it keeps the former North American Free Trade Agreement dispute-resolution process that the US wanted to jettison. The Dow Jones rose almost 280 points on Monday. "I have never seen anything like that in a trade agreement". But here's an early look at what it means for different players. -Canada trade. Canada's tariffs on dairy imports can approach 300 percent.

The latest trade agreement, with the United States and Mexico, continues tariffs the US imposed last spring on Canadian steel and aluminum, prompting the industry to criticize the government for selling out the sector.

The new agreement would end the discriminatory pricing and restrict Canadian exports of dairy powders.

Although USMCA doesn't necessarily have much impact on CETA, the "non-market" clause could change the calculus when Canadian companies look to the east or west.

About 75 percent of Canada's exports go to the USA, so preserving major elements of the North American Free Trade Agreement was crucial.

Their work together, however, is far from over: Trump's victory-lap news conference Monday also drove home the point to all concerned that unpredictability remains the watchword in Canada-U.S. relations.

His comments came in response to the question where did the USA now stand with China and what signal he hopes Beijing will take from the trade deal.

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A great cloud of uncertainty has been lifted over the massive North American economy. "Canada is very close to getting a deal, but wants assurances from the United States that they're not going to place tariffs on them going forward".

For one, the "supply management" system Canada uses to protect its farmers would remain largely intact. For one thing, the percentage of a car's content that must be built within the trade bloc to qualify for duty-free status rises to 75 percent from 62.5 percent.

Tariffs have especially driven down the prices of soybeans and pork. It offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States. It would exclude from the proposed tariffs 2.6 million passenger vehicles from both Canada and Mexico.

The deal could also free up President Donald Trump to escalate the trade war with Beijing. Critics charged the process gave companies a way to get around environmental and labor laws and regulations they didn't like, overruling democratically elected governments in the process.

"It was pretty obvious that we would have to give a bit on [dairy], and we actually gave on it in the original Trans Pacific Partnership (TPP)", Ries said, referring to the 12-nation free trade pact that includes Japan, Vietnam, Canada and other Pacific nations.

"The European Union - it's been very tough on the United States". The new pact scales back provisions protecting foreign investment. The main result of his sound and fury over Nafta is diminished US sway in the world. That also comes with the possible tradeoff of higher costs for users of the drugs. The text of that agreement formed a skeleton for numerous provisions in USMCA.

The United States pressured Canada and Mexico to raise the dollar amount that shipments must reach before they become subject to import duties.

While NAFTA had an indefinite lifespan, USMCA will expire in 16 years. "I am pleased that the text of this renegotiated NAFTA makes great strides toward prioritizing workers".

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