Trump hails 'wonderful new trade deal' with Mexico and Canada

Canada and US agree last-minute trade deal

Canada and US agree last-minute trade deal

THE FACTS: North America already is a manufacturing powerhouse.

Should U.S. President Donald Trump impose "Section 232" autos tariffs on national security grounds, Mexico and Canada would each get a tariff-free passenger vehicle quota of 2.6 million passenger vehicles exported to the United States annually.

But he noted that the agreement would need to be ratified by Congress, a step that could be affected by the outcome of the fall elections as Democrats seek to regain majorities in the House and Senate.

"The deal is not a disaster", Bothwell said.

"And China wants to talk very badly", Trump said.

Trudeau says the deal needed to be fair and level the playing field given that one trading partner is 10 times larger.

"The concessions were all from Canada and Mexico", MacKay said.

In the US, the ratification process will go through Congress. Trump likely has the votes in both chambers to get the deal through, and it appears that Minority Leader Chuck Schumer, D-N.Y., is on board. The new terms might even force the Bank of Canada and the Bank of Mexico to keep an eye on Washington as they set monetary policy, thanks to the introduction of a committee that will review the conduct of macroeconomic policy in the three countries.

Likewise, outgoing Mexican President Enrique Pena Nieto said via Twitter that the deal negotiated over the past 13 months "achieves what we proposed at the beginning: a win-win-win agreement".

The deal effectively maintains the auto industry's current footprint in North America, and spares Canada and Mexico from the prospect of USA national security tariffs on their vehicles.




"There was a lot of tension between he and I. It's all worked out".

In Ottawa, Trudeau hailed the agreement as "profoundly beneficial for our economy, for Canadian families and for the middle class".

With limited details on what USMCA entails, the Times reports that with the new agreement, Canada's dairy management system will ease its protections, allowing the US more access to Canada's dairy products.

Trump announced Monday that the United States and Canada had reached an agreement on trade. Store owners like Larry Rosen, chief executive of men's clothing chain Harry Rosen, feared it would drive customers to larger USA -based online competitors.

Trump had set a deadline of Sunday to get Canada to agree to a deal, after the USA reached an earlier bilateral agreement with Mexico, with potential to exclude Canada from NAFTA. The USMCA will replace the 24-year-old NAFTA.

President Donald Trump, who blamed NAFTA for the exodus of manufacturing jobs, had threatened to splinter NAFTA unless major changes were made.

The U.S. agreement with Ottawa will boost American access to Canada's dairy market - with some concessions on its heavily protected supply management system - while shielding the Canadians from possible U.S. auto tariffs. Rona Ambrose, the former Conservative cabinet minister who advised the government on the NAFTA talks, tweeted that the revised agreement would "ease investor anxiety" and "reassure the world that North America remains committed to free trade". Also, now that a tentative trilateral agreement has been reached, the dairy organizations urged the governments of the three nations to remove their tariffs on agricultural exports - as well as steel and aluminum - that have been sticking points in relations between the United States, Mexico and Canada.

Nafta governs more than $1tr (£767bn) in trade between the two and Mexico. But Trump and other critics said it encouraged manufacturers to move south of the border to take advantage of low-wage Mexican wages.

"It takes a cloud and lifts it off the Canadian economy", said Bruce Heyman, the former USA ambassador to Canada.

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