The United States Mexico Canada Agreement: what they're saying about it

Randal Sanchez
October 2, 2018

"U.S. President Donald Trump has hailed his revamped North American trade deal with Canada and Mexico, saying it will help boost the U.S. economy".

The United States and Canada reached an eleventh-hour deal on Sunday to replace the North American Free Trade Agreement (NAFTA) and maintain a trilateral trade bloc with Mexico.

Now that the NAFTA talks have come to a head, Prodan wants to see a shift in focus to free trade of wine within Canada - something that is restricted by provincial rules.

While New Delhi threatened tariff hikes on 29 American products worth $10.6 billion as early as August, Prime Minister Narendra Modi's government reportedly made a decision to postpone the retaliatory measures pending negotiations with United States officials, who are seeking to reduce its $31-billion deficit with India.

New Delhi allegedly reached out to United States Trade Representative Robert Lighthizer in an effort to negotiate new terms just to keep President Trump "happy".

"It's a good day for Canada", Canadian Prime Minister Justin Trudeau said.

President Donald Trump on Saturday said that India wants to have a trade deal with the United States because it does not want him to impose tariffs on their products.

Among the tough issues that needed to be hashed out between Ottawa and Washington were access to Canada's dairy sector, tariffs and a dispute resolution mechanism that the USA wanted to scrap.

He said the United States had $375 billion in trade deficits.

He tweeted: "It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our farmers and manufacturers, reduces trade barriers to the USA and will bring all three great nations together in competition with the rest of the world".

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"This has happened, despite assurances that our government would not sign a bad deal for Canadians", Pierre Lampron, the organization's president, said in the statement.

Commitment to not mess with currency levels: While the US, Mexico, and Canada do not actively intervene to strengthen or weaken their currencies, the pact to "achieve and maintain a market-determined exchange rate regime" could be a model for future agreements with countries that are more active in currency markets.

"As you know, we have $250 billion at 25 percent interest with China right now, and we could go to $267 billion more".

Under Canada's supply-managed dairy system, Ottawa effectively sets production quotas and the price of milk, which raises prices to consumers but provides farmers with a stable income.

India and the USA have been in talks on trade and related issues for months, especially after Washington slapped a uniform tariff of 25% and 10% on all steel and aluminum imports.

"I promised to renegotiate NAFTA", Trump said in the White House Rose Garden Monday. He also said that Mexico and Canada have agreed to labor, intellectual property and environmental provisions in the new agreement. "China wants to talk very badly", he said. US administration officials, speaking on the condition of anonymity, said Sunday night that this was a win for farmers in Wisconsin, New York and elsewhere. And the Liberals have failed to get any assurance that the US will lift aluminum and steel tariffs.

According to The Washington Post, the new deal requires that 75 percent of exempt from duty to be made in North America versus 62.5 percent under NAFTA.

Key U.S. lawmakers have called for the three-nation format to continue, meaning Congress may delay a new agreement that doesn't include its northern neighbour. "That gives us confidence a side deal on Canadian steel and aluminum can also be reached before the new NAFTA is ratified".

It's also said that the new rules will encourage more investment by auto companies in research and development in the region.

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