Trump hails new trilateral trade deal with Canada, Mexico

Donald Trump and Justin Trudeau during a G7 summit in Canada in June

Image Donald Trump and Justin Trudeau during a G7 summit in Canada in June

Negotiators from Canada and the United States went down to the wire but were able to reach an agreement on a new free trade pact that will include Mexico, the governments announced late on Sunday night.

The US and Canada have reached a deal to reform the North American Free Trade Agreement (Nafta) after last minute negotiations.

"The new name will be The United States Mexico Canada Agreement, or USMCA".

Little more than 18 months later, that is what has happened - but only thanks to steadfast negotiating on the Canadian side that has largely spared this country a host of harsher, even catastrophic, provisions that the Trump administration had tried to bully Canada into accepting. If Democratic candidates pick up enough seats in November's midterm elections, Trump could order a withdrawal from NAFTA when he submits the implementing legislation for the deal, forcing lawmakers' hands. South Dakota Republican John Thune emerged from that meeting discouraged and highly skeptical about the odds of reaching a deal with Canada. "We are not going to allow our steel industry to disappear, it was nearly gone".

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.

Canada had previously offered the USA a 3.25-per-cent market share under the old Trans-Pacific Partnership agreement, which Trump also derided - and pulled the US from - after he took office in 2017. It seeks to do this by raising the proportion of North American parts and inputs that must be used in a auto for it to qualify for duty-free treatment.

"We are still trying to determine exactly what the economic implications of that would be for our company", Smith said.

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But as you would expect of an economic compact drafted before the internet, email and mobile phone use became part of every facet of life, it was due for a renovation to accommodate changes in these North American economies.

They asserted that USMCA would result in freer markets and fairer trade.

The accord has its flaws, and as Prime Minister Justin Trudeau cautioned on Monday, it also must still be ratified by all three countries.

"It will allow us to maintain the competitiveness of the Mexican manufacturing industry, which will keep its access to the world's largest market", Marcelo Ebrard told a press conference. Canada, the United States' No. 2 trading partner, was left out when the US and Mexico reached an agreement last month to revamp NAFTA. Here's a look at who might benefit and who might be disadvantaged by this new agreement.

For Trump, the USMCA is only the start of what he says is a global push back against countries taking advantage of the U.S. economy. Everybody", he said. "It's a privilege for China to do business with us.

However, he added, "Canada appears to have achieved most, if not all, of its important objectives in this lengthy and challenging set of negotiations".

"I am not talking about Mexico". We don't take it as a privilege. "We will be watching very carefully to see and to make sure that all of the things that have been pledged and promised in the agreement do come about".

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The Trump administration had threatened to proceed with a Mexico-only trade pact as USA talks with Canada foundered.

Likewise, he claimed that India - which he described as the "tariff king" - wants to start trade talks with the United States "immediately".

He also called out Brazil, Latin America's biggest country, as a chief offender, "a beauty".

A key change in the new trade pact is that copyright will be extended on an author's work.

United States president Donald Trumps says the agreement was "truly historic".

But a Democrat-controlled Congress "might be willing to throw one of the great deals for people and the workers". "If those sound like small numbers it's because they are", he said.

Trump had campaigned on renegotiating or ripping up the trade pact, calling it "the worst deal maybe ever signed". 20, said he's also hopeful, but he'll withhold judgment until after he reads what's in the agreement.

Canada reaches a trade deal with US & Mexico under new name
The formal NAFTA text is due before Monday in order to meet U.S. congressional notification requirements and allow U.S. Trudeau said it made no sense to sign on to a new NAFTA only to be hit by new tariffs , and is seeking safeguards.

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