Published: Thu, October 04, 2018
Finance | By Jaime Brady

Details of US, Mexico, Canada Trade Agreement

Details of US, Mexico, Canada Trade Agreement

Josh Kallmer, executive vice president for policy at the Information Technology Industry Council, said the trade deal's provisions are important not so much because of business risks in Mexico or Canada, but because any trade agreement is "a powerful way to steer the conversation globally". A similar agreement between Mexico and the USA preserves duty-free access to the US market for vehicles that comply with the agreement's rules of origin.

The new pact also encourages the three countries to enhance commercial opportunities for small and medium-sized enterprises owned by under-represented groups, including women and Indigenous Peoples, and encourage their participation in global trade.

NAFTA tore down most trade barriers between the United States, Canada and Mexico, leading to a surge in trade among them.

Some points of contention remain.

Labour leaders have long complained that the lack of enforceable standards allowed Mexico to take advantage of its low wage rate, lack of free collective bargaining and less stringent health, safety and environmental standards to lure manufacturing companies - particularly in the automotive sector - away from the higher-wage USA and Canada. China aimed counter-tariffs on USA agriculture products, for instance. Such a change would have disrupted American farmers, food processors and buyers for several years as growing and buying patterns adjusted.

"We celebrate a trilateral deal".

An agreement on how to treat the auto sector, reached this summer between the United States and Mexico, was central to a revamped NAFTA going ahead.

Canada gave up some access to its dairy, egg and poultry industries but will keep its agricultural supply management system and avoid punishing auto tariffs under the new North American trade deal. "At first glance, we're encouraged with efforts to modernize some chapters that specifically affect trade in agricultural goods".

He said Canada is also aiming to remove interprovincial trade for "frustrated" Canadians as it works with all provinces including two new governments - in Quebec and New Brunswick.

Trump said it was unfair and economically crippling to dairy farmers. "When we got there, that was an excellent sign for me".

The agreement includes lengthening the patent life for US Drugs in Canada from eight to ten years, a win for US pharmaceutical companies.

For farmers, the big problem remains the trade war with China, which Trump made clear is not close to resolution.

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Trump said that Freeland "hates America" according to a report from The Washington Post.

Farmers have been battered by Trump's trade policy.

Fontaine says that will mean Americans can sell 12 million additional kilograms of chicken in Canada, which doesn't make chicken farmers happy, but at lets them know what they're dealing with now.

Tariffs have especially driven down the prices of soybeans and pork, two key agricultural exports for Minnesota.

"It's a good day for Canada", Prime Minister Justin Trudeau said as he left his office.

"China wants to talk very badly, and I said frankly it's too early to talk".

Trump said he had no intention of keeping the old name.

Technology and retail companies also won protections in the new deal they hope Washington will vigorously pursue with China, where many USA industries have complained of unfair treatment. "It doesn't happen that quickly".

Under the USMCA Canada is offering the USA a 3.6 per cent share of the dairy market, which is more than the 3.25 per cent it offered under the Trans-Pacific Partnership trade deal.

In late May, the Trump administration announced tariffs of 25 percent on steel imports and 10 percent on aluminum imports, prompting quick retaliation from top trading partners including Canada and Mexico. The breakthrough, coming when Canada cut into an accord agreed by Mexico and the USA, buoyed financial markets and may provide a fillip for multilateralism too. There are also some auto issues including better pay for assembly line workers in Mexico. According to a Canadian government summary of the chapter, it commits all three countries to protect and promote internationally recognized labour principles and rights, including the right to freedom of association and collective bargaining, the elimination of child and forced labour and laws ensuring acceptable work conditions with respect to minimum wages, hours of work and occupational health and safety.

Trump on Monday morning called it a "great deal", tweeting that it "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". And outside of autoworkers, she said, the impact on industry is not assured. "Does it help the average worker in the U.S.?"

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