Trump Hails 'Terrific' Trade Deal with Canada, Mexico

Posted October 02, 2018

News of the United States-Mexico-Canada-Agreement (USMCA) is still being digested, and there are details left to learn, but there is already firm negative reaction from one Canadian industry in the Maritimes.

"It'll probably or possibly be just USM". Trump also threatened to tax Canada's auto exports into the United States if it did not agree to America's demands.

Canadian Prime Minister Justin Trudeau said he would continue to press for the lifting of the tariffs.

Early Monday, U.S. stocks rallied on this news with the Dow and the S&P 500 trading very near record highs at their peaks, but markets lost steam throughout the trading day with the small-cap Russell 2000 dropping more than 1.3%. "Class 7 milk pricing in Canada caused problems for US manufacturers in two different ways", said Eric Meyer, the president of HighGround Dairy in Chicago.

The terms reached between the USA and Mexico on higher wage thresholds will also be positive for Canadian producers, said Unifor president Jerry Dias, who welcomed the deal. Kushner played a similar role with Mexico - in that case, his close relationship was with Luis Videgeray, the Mexican foreign secretary, helped propel those talks to fruition. The deal struck Sunday offers a measure of protection for both Canada and Mexico, ensuring each country won't be affected by any auto tariffs unless exports top 2.6 million units annually.

The second moment when she knew a deal was likely, Freeland said, came in August when she went back to Washington "and it was clear that the vehicle deal had been concluded by the Mexicans and also that the Americans really wanted us to be a part of it".

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"We will continue to engage with USA and Canadian officials to seek a resolution of the tariffs on aluminum prior to final approval of the new agreement", Rio said in a statement.

Trump has wanted a complete overhaul of NAFTA, arguing the quarter-century-old pact has been unfair to the United States.

On dairy the official said Canada essentially gave the USA the same access it offered in the Trans Pacific Partnership trade agreement that President Donald Trump rejected.

Trump said he would sign the final agreement in late November, in about 60 days, and the pact is expected to be signed by Trudeau and outgoing Mexican President Enrique Pena Nieto before he leaves office December 1.

Canadians appeared to breathe a collective sigh of relief Monday at the signing of a new North American trade deal - not because it was a win, exactly, experts said, but because the result could have been much worse. "I think Justin's a good person who's doing a good job".

Last week, at the U.N., Trudeau tried to downplay what looked like a frosty exchange between the two leaders during a luncheon.

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"About 12 last night", Trump said at a White House news conference. For example, it opens up about 3.5% of Canada's protected dairy market to U.S. farmers and allows Canadians to purchase five times the amount of foreign products online without paying an additional import tax.

Trump vowed during his 2016 presidential campaign to tear up current US trade deals, which he blamed for a loss of USA manufacturing jobs.

Freeland also touched on U.S. President Donald Trump's apparent dislike of her, something thrust into the open recently when Trump told reporters in New York: "We're very unhappy with the negotiations and the negotiating style of Canada".

Trump said he spoke to Trudeau by phone and that their recent tensions didn't affect the deal-making.

Canada also agreed to open up some of its dairy market to United States producers.

U.S. Trade Representative Robert Lighthizer added that the tariffs are a completely separate issue from the trade deal as far as the administration is concerned.

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The Trump administration officially notified Congress of the U.S. -Mexico trade agreement on August 31.