Friday, 19 October, 2018

US, Canada Deal Saves NAFTA as Trilateral Pact

Trump and Trudeau agree on a revised NAFTA deal Canada-US reach deal to reform NAFTA
Lindsey Cook | 04 October, 2018, 08:43

OTTAWA-While the federal government is hailing the newly negotiated USMCA trade deal between the US, Mexico and Canada as a victory, the dairy industry is not buying into the euphoria.

While expected, maintaining the status quo is important for provinces like Nova Scotia which exported $955 million worth of seafood to the United States past year, according to provincial figures.

"To the extent that the United States has reserved the right to institute new restrictions on Mexican-domiciled carriers in NAFTA 2.0, we look forward to working with the Administration and Congress to craft those new restrictions in the implementing legislation and new regulations".

Canada will still impose tariffs on USA dairy products exceeding the quota, but changes should give US dairy farmers more access to Canada and other foreign markets.

U.S. Senator Pat Toomey (R-Pa.) released the following statement regarding the recently announced U.S., Mexico, Canada trade agreement.

Trump, who most recently slapped tariffs on $200 billion in Chinese goods, has said the tariffs are created to protect USA interests from Chinese actions, such as the theft of American intellectual property-which is estimated to cost the US economy $180 million to $540 billion annually, according to 2017 estimates by the IP Commission of the National Bureau of Asian Research, an independent research organization.

But, dairy is not the only product that can be traded more freely.

Trump said he'd like to see it signed by the end of November.

They tell iPolitics the clause is unprecedented and draws Canada into U.S. President Donald Trump's trade war with the world's second-biggest economy.

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Canada will open its dairy market further to United States producers, and Washington left unchanged the dispute settlement provisions which Ottawa demanded.

Mexico has already slapped tariffs on US pork, bourbon, motor boats and other products.

While changing NAFTA and bringing down United States trade deficits was a top Trump campaign pledge, Sunday's agreement largely leaves the broader deal intact and maintains supply chains that would have been fractured under weaker bilateral deals.

O'Connor said these issues could be addressed by Congress before it approves the trade agreement.

Daniel Ujczo, a trade attorney with the Dickinson Wright law firm who has followed the talks closely, said he expects the United States to get more access to the Canadian dairy market. "Getting closer to having good trade relations is important, even though this agreement doesn't touch the steel and aluminum agreements". "Similarly, unless the Mexican government adopts new labor laws that meet their constitutional requirements and the new criteria of this NAFTA, then the fundamental flaw of the original pact will remain unresolved, American jobs will continue to migrate south, and this union must therefore withhold our unconditional support", Hoffa said.

Unlike the NAFTA and the Trans-Pacific Partnership, the USMCA imposes stronger rules of origin for vehicles and automotive parts.

"The U.S. could conceivably terminate for Canada engaging in a free trade agreement discussion with China", said Cyndee Todgham Cherniak, a Toronto trade lawyer on Canada's roster for settling disputes under NAFTA.

"They haven't been given the sound bites, I guess, but you had some Democrats say this is really unbelievable if he really got all of that".

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