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NAFTA 2.0 is just a warmup to Trump’s bout with China

03 Octobre 2018

The loonie soared higher in the wake of news that Canada has reached a deal to join the United States and Mexico in a new North American trade agreement.

Bhala said the proposed new deal made a number of significant changes and updates to the original NAFTA, including stronger protections for workers' rights to organize, stricter environmental requirements and more protections for women and LGBT individuals from workplace discrimination in the three countries.

Will Quebec fight the new deal?

. The newly minted agreement is estimated to bring US farmers a $70 million increase in exports to Canada's dairy market and greater access in the egg and poultry markets.

Why are dairy farmers so upset?

Ford, which says it ships 80 percent of its vehicles from the US, praised the deal, saying it was "very encouraged". But analysts say the new deal doesn't look very different from the trade dynamics that have governed the U.S. and its neighbors for decades.

"Our farmers were not treated properly by Canada", he said. This isn't just a dairy thing.

At a press conference in Ottawa, Trudeau and Foreign Affairs Minister Chrystia Freeland told reporters that the federal government will fully compensate dairy farmers for any losses they suffer as a result of the new agreement.

He has adopted an "America First" policy and launched a trade war against China, as well as imposed tariffs on steel and aluminium imports from Mexico and Canada.

Schneider said it's important the agreement remain viable as Canadian companies consider setting up operations in Whatcom County to serve the USA market.

"Not just in the crops we send back and forth across the border, but, for instance, the largest importing product from Montana into Saskatchewan is wheat of all things, where we add value to that product and send it on", Moe says. "The market has continued to erode". "If we are unable to get a fair deal, then we'll have tariffs".

Former prime minister Brian Mulroney praised the deal, stating that "Canada appears to have achieved most if not all of its important objectives". "There's a lot of concern about the deal". It allows Canadian dairy processors to buy domestic milk at cheaper world market prices instead of higher prices controlled by the national supply management system. Automakers looking to avoid duties on vehicles imports will need to use a higher percentage of North American auto parts and pay workers more, a provision created to make USA labor more competitive.

Reporters asked Trudeau Tuesday how he planned to report his progress with China to the US, per the new agreement.

"This is good news for farmers and our nation as a whole".

"This has happened, despite assurances that our government would not sign a bad deal for Canadians", Lampron said in a statement. "We fail to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood".

The new pact - a replacement for the North American Free Trade Agreement - was reached after a prolonged stretch of negotiations, with the deal finally being reached in the 11th hour.

Kevin Hassett, the chair of the Council of Economic Advisers, discusses President Trump's new trilateral trade agreement with Mexico and Canada - and what it could mean for the us economy. He said this will help manufacturing of the pharmaceutical sectors.

Trump's remarks came days after Assistant US Trade Representative Mark Linscott returned from India where he had detailed discussions with senior Indian officials on bilateral trade and a possible trade deal between the two countries.

For the general manufacturing sector, the sentiment is one of relief, said Dennis Darby, president and CEO of Canadian Manufacturers & Exporters.

Section 31.10 of the USMCA requires all signatories to give three-month's notice before starting free trade talks with a non-market country, provide the text of a trade deal with that country in advance, and gives the USMCA signatories the option to bow out of the USMCA if they don't like what they see in the separate deal.

NAFTA 2.0 is just a warmup to Trump’s bout with China