Trump says USMCA doesn’t lift steel, aluminum tariffs

U.S. and Canada reach last-minute accord to conclude talks on new NAFTA

President Trump says is the USMCA is the biggest trade deal in US history, created to replace the 1994 NAFTA pact.

President-elect Andrés Manuel López Obrador of Mexico said on Friday that Trudeau had appealed to him to help pave the way for a three-nation deal and that he would insist that a revised Nafta include Canada. But by tomorrow, I would suspect they will change their tune, but that's okay because people know how good it is.

The U.S. source said it appeared Canada would agree to some kind of quota on how much steel and aluminum it exports to the States, in exchange for the tariffs being lifted.

Senior administration officials told reporters on a late-night conference call that the deal validated Trump's approach to trade policy and fulfilled an important campaign promise to overhaul an agreement he had disparaged as one of the worst trade deals ever made.

Foreign Affairs Minister Chrystia Freeland says all farmers in supply management systems will be fairly compensated for the additional market access being given to trading partners in the deal. During that period, "the United States and Canada shall seek to negotiate an appropriate outcome based on industry dynamics and historical trading patterns", the countries agreed.

USMCA will include new provisions on unfair trade practices, according to US officials. Some regulatory compliance costs will probably rise, especially for automakers, and big business lost Chapter 11, the investor dispute settlement mechanism that companies have used to sue Canadian and Mexican governments (the one exception is that energy and telecommunications firms still get a modified Chapter 11 with Mexico).

More details regarding the agreement between the US, Canada and Mexico are expected to be revealed when the White House makes a formal announcement, which will likely occur in the next few hours. USMCA also stipulates that Mexico must make it easier for workers to form unions.

"The reality is we have [more than] 30 million consumers of these products and a very small number of producers and, in nearly every case, the benefits to consumers outweigh potential losses to producers, and that point is nearly always missed in [news] coverage of trade negotiations", Cardwell said.

Paul Gaunce, chairman of Dairy Farmers of New Brunswick, echoed those thoughts in a FaceTime interview from his farm in Passekeag, N.B.

The new version would give US farmers greater access to the Canadian dairy market.

Canadian Prime Minister Justin Trudeau said the trade deal was "profoundly beneficial" to Canadians.

NAFTA: Trudeau says new deal not guaranteed
Any final deal on NAFTA will include language around gender and indigenous rights, as initially sought by Canada, he said. The North American free trade agreement NAFTA between Canada, Mexico and the United States began to operate in 1994.

It said the measures will have "a dramatic impact not only for dairy farmers but for the whole sector".

"I plan to sign the agreement by the end of November".

The symbol indicates 100 per cent Canadian dairy.

In August - more than a year into the negotiations - the United States and Mexico announced they had reached a two-way deal, after breaking away for bilateral talks on their outstanding issues. Dairy Farmers objected to this, too, but the once-obscure dairy classification had become a lightning rod of discontent for Trump.

Such considerations obviously do not matter to Trump. The official was not authorized to speak publicly and requested anonymity.

Steel prices climbed nationwide before those tariffs even took effect and had jumped by 40 percent as of early July.

Under the new de minimis levels, he said if shoppers buy something from an online USA retailer for $39 with free shipping it will be cheaper than if you buy the item at a Canadian retailer at the same price and have to pay the harmonized sales tax.

Canada fought hard to retain Chapter 19, a holdover from NAFTA that USA trade ambassador Robert Lighthizer worked tooth-and-nail to eliminate.

The rewrite "will result in freer markets, fairer trade and robust economic growth in..."

Negotiations between Washington and Beijing remain deadlocked after the Trump administration followed through with another round of import taxes on Chinese goods last month, leading to retaliatory tariffs and the cancellation of high-level trade talks.

The Canadian Chamber of Commerce said it was relieved that an agreement in principle had been reached.

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