Trump hails new trilateral trade deal with Canada, Mexico

Alicia Cross
October 5, 2018

And now he's effectively siding with the US against the Asian powerhouse.

The new trade deal that the United States, Canada, and Mexico have agreed to prevents Canada and Mexico from creating a free trade agreement with China without USA approval, Reuters reported.

President Trump, however, says he is not hopeful the next deal will be approved by Congress in the next year, saying 2020 election politics could hold up passage. However, the deal needs Congressional approval.

"Today we have kept that promise", Trump said.

"Now again, we get hit".

The new deal was "terrific" for all three countries, he added.

Trump said he spoke to both leaders on Monday. The U.S. wanted to get rid of it.

A good first step is how the New York Farm Bureau describes a new trade deal with Canada and Mexico that will replace NAFTA.

Canada succeeded in keeping the former North American Free Trade Agreement's legal mechanism for settling disputes, and protections for Canada's culture and automobile industry.

Wenweipo, a pro-Beijing newspaper based in Hong Kong, ran an article on October 2, titled, "Canada and the U.S. Got What They Need and Mexico is the Loser", arguing that the terms of the new agreement were akin to concessions that would hurt Mexico's economy.

NAFTA reduced most trade barriers in North America, leading to a surge in trade between the three countries. "Nothing in this agreement infringes on Canada's sovereign right to develop commercial relations with any country of its choosing", she wrote.

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What's the deal with NAFTA and what's going on?

Lacombe, Alberta dairy farmer Albert Kamps was particularly disappointed in what he heard, although he admits it's still early and they need to assess the full trade deal. Trump's advisers view the trade pact as a political victor in battleground states critical to the president's 2016 victory and home to tens of thousands of auto workers and manufacturers who could benefit from the changes.

"Democrats will closely scrutinize the text of the Trump administration's NAFTA proposal and look forward to further analyses and conversations with stakeholders", House Minority Leader Nancy Pelosi said in a statement.

"Certainty a threat to have deadline to me is an arbitrary deadline, but I'm not going to second guess the Canadian negotiators until we had a chance to really go through this agreement", said Angus.

Washington dairy exports totaled $5.5 billion previous year, with top markets in Mexico ($1.3 billion), Southeast Asia ($690 million), Canada ($636 million), China ($577 million) and South America ($291 million), according to a report by the U.S. Dairy Export Council. Canada also was not able to remove steel and aluminum tariffs.

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.

But the deal failed to resolve United States tariffs on Canada's steel and aluminium exports. He also tweeted about the agreement just before midnight. Uncertainty over the fate of NAFTA talks had threatened to batter Mexico's currency and economic outlook.

In Canada, the "Trump veto" clause has been a source of controversy, with opposition politicians questioning whether Prime Minister Justin Trudeau weakened Canada's independence by agreeing to a clause that would limit its negotiating options with a major trading partner like China. He said, however, that some of the new regulations may pose challenges for companies to adapt to.

"This landmark agreement will send cash and jobs pouring into the United States and into North America", predicted Trump.

The phone call set into motion a series of phone negotiations over the weekend involving Kushner and US Trade Representative Robert Lighthizer on the US side and the direct involvement of Trudeau's most trusted advisers, leading to an 11th-hour deal late on Sunday night.

Other reports by Free-Prsite

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