Economy

With NAFTA sorted, focus shifts to aluminum and steel tariffs

With NAFTA sorted, focus shifts to aluminum and steel tariffs

The deal is called the United States-Mexico-Canada Agreement (USMCA) and is meant to replace the North American Free Trade Agreement (NAFTA).

NAFTA reduced most trade barriers in North America, leading to a surge in trade between the three countries.

At first glance, it looks as if the "modernization" aspects of the agreement are as good as or slightly better than what was in the Trans-Pacific Partnership (TPP), a proposed deal that collapsed after a United States withdrawal under President Trump.

"It'll probably or possibly be just USM".

Trudeau would only say it was a "good day for Canada" as he left a late-night cabinet meeting in Ottawa that capped several days of frenetic long-distance talks. Canadian sources said the Canadian government was prepared to offer compensation to dairy farmers hurt by the deal.

Other trading partners had been tough on the United States, he said, including the European Union, which introduced retaliatory tariffs on USA goods in June.

Canadian negotiators "have done an outstanding job of getting us into the agreement", said Mark Nantais, head of the Canadian Vehicle Manufacturers' Association, which speaks for Ford Motor Company, General Motors Company and Fiat Chrysler Automobiles.

After months of negotiations, the deal came to a close on Sunday evening.

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On Monday, Trump tweeted a congratulatory message to Mexico and Canada.

But it would keep the former North American Free Trade Agreement dispute-resolution process that the USA wanted to jettison.

One of the officials - both of whom spoke on the condition of anonymity because they are not authorized to speak publicly - said the discussions between Canada and the U.S. were ongoing, but that progress was being made.

"Without tariffs, we wouldn't be talking about a deal", Trump said.

"Granting an additional market access of 3.59% to our domestic dairy market, eliminating competitive dairy classes and extraordinary measures to limit our ability to export dairy products will have a dramatic impact not only for dairy farmers but for the whole sector", he said.

The quota would allow for significant growth in tariff-free automotive exports from Canada above current production levels of about 2 million units, safeguarding Canadian plants. "I just don't think it gets wiped away and resolved with an agreement in principle on the trade agreement".

He says the province does $389 billion worth of trade per year with the U.S.

During the 1992 presidential campaign, independent candidate Ross Perot famously predicted a "giant sucking sound" as NAFTA pulled USA factory jobs into Mexico.

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"We fail to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood", according to the group.

"So instead of it being the US, it would be high-wage labour, which of course includes Canada, and suddenly the USA and Canadian interests were aligned and this was a deal that Canada could do" Freeland said.

But in agreeing to the terms of the new deal, Canada avoided doomsday scenarios that had been hanging over the country for months, particularly Trump's threat of punitive tariffs on auto imports that would have caused major economic fallout.

President Trump has long threatened to pull the United States from NAFTA.

Under the USMCA, Canada is offering the USA a 3.6-per-cent share of the dairy market.

Canada also agreed to get rid of its two-year-old Class 7 pricing agreement that has restricted US exports of ultra-filtered milk used to make dairy products.

A triumphant President Trump lavished praise on the new trade deal his administration negotiated with Canada and Mexico during a Rose Garden ceremony Monday morning - hailing it as "the single greatest agreement ever signed".

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