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McMurray issues statement on new trade deal with Canada and Mexico

McMurray issues statement on new trade deal with Canada and Mexico

The new deal, reached just before a midnight deadline imposed by the U.S., will be called the United States-Mexico-Canada Agreement, or USMCA.

According to global trade law firm Sandler, Travis & Rosenberg (ST&R), the US-Mexico-Canada Agreement is expected to be signed by 1 December, which could bring it up for congressional consideration in early 2019.

Some of the key differences: increased dairy-market access for the USA, a new sunset clause, and tougher auto rules.

In regards to China, Trump said the US could "go $267 billion more" when it comes to tariffs on products.

However, Mr Trump said it was too soon to talk to China, on which the USA has imposed three rounds of tariffs this year, about a trade deal.

At the start of the process, Canada announced its key objectives in the talks were to get a fair, modernized deal that included stronger labour and environmental protections, as well as entirely new "progressive" chapters on gender and Indigenous rights.

That "representative" was Foreign Affairs Minister Chrystia Freeland - the senior cabinet minister leading Canada's trade delegation to rescue NAFTA from a president who won the White House in part by denouncing the agreement as one of the worst deals ever made.

"This is tremendous news for our north country economy, and I applaud US and Canadian negotiators for their tireless work on this important agreement", Ms. Stefanik wrote in a statement.

Now, Canadian officials are engaged in an intense last-minute push to get a NAFTA deal done before the US -imposed midnight Sunday deadline to work out the final text before presenting the deal to Congress. Mexico agreed to allow imports of certain USA cheeses. Canada, for instance, will allow tax- and duty-free shipments worth up to 40 Canadian dollars (about $31), up from 20 Canadian dollars ($16) under NAFTA.

Derek Burleton, deputy chief economist at TD Economics, echoed the sentiment of many in expressing relief at an agreement.

"The agreement-in-principle we reached today is good for Canada, good for Canadian businesses, and most importantly, good for Canadian workers and their families".




Canada's supply-managed system controls the production and price of milk and poultry and ensures stable incomes for Canadian farmers.

Dairy Farmers of Canada, however, issued a terse statement saying the deal will have "a dramatic impact not only for dairy farmers but for the whole sector".

Canada, the United States' No. 2 trading partner, was left out when the US and Mexico reached an agreement last month to revamp the North American Free Trade Agreement.

Trump threatened to go ahead with a revamped NAFTA, with or without Canada.

The United Steelworker's Canadian branch president Ken Neuman, however, called the deal a "sell-out" for failing to eliminate 25 percent steel and 10 percent aluminum tariffs imposed in June by the Trump administration. "Now they're going to be treated with respect".

"That's something that really worries me", Mr. Moreau said in an interview on CNBC.

Mexican foreign secretary Luis Videgaray said: "It's a good night for Mexico and for North America".

There are no details yet on how much compensation Canada is willing to provide or what form it will take.

In the end, the dispute-resolution mechanisms from NAFTA remain largely intact in the new deal, that Trump christened the USMCA. Instead, he said, Canada can only brag about what it didn't have to concede.

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

"This has happened, despite assurances that our government would not sign a bad deal for Canadians", it said. The only thing wrong with Trudeau is that he "loves his people", the president said. Trump called Trudeau "weak" and "dishonest". Trudeau also spoke with Mexican President Enrique Pena Nieto. Since 1994, when NAFTA went into effect, the USA has had $1.033 trillion of goods trade deficits with Mexico and $923.4 billion with Canada, which is directly subtracted from the Gross Domestic Product. But on Monday he was all smiles, calling the deal "historic".


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