Home » Money

Trump hails 'most important ever' US-Canada-Mexico trade pact

02 October, 2018, 08:43 | Author: Melinda Barton
  • Duty free limit rises to $150 for cross border shoppers under new trade deal

The Canadian auto industry is relieved a side deal in the proposed trade agreement with the United States and Mexico lifts the threat of tariffs, but the steel and aluminum sectors will have to wait as negotiators bargain over removing metal duties imposed by U.S. President Donald Trump.

Mr. Trump had said he wanted to go ahead with a revamped NAFTA - with or without Canada.

"It'll probably or possibly be just USM". On NAFTA, Trump talked a big game and engaged in widely reported maneuvering that resulted in a high-profile announcement.

"I promised to renegotiate NAFTA", Trump said in the White House Rose Garden Monday. "We continue to call for a full exemption for Canada and our fair trading partners", spokeswoman Monica Orbe said in an emailed statement.

The U.S. and Mexico hammered out their portions of the trade agreement in late August before the U.S. turned to Canada. Some countries were granted exemptions, however Mexico and Canada did not make that list. Kushner played a similar role with Mexico - in that case, his close relationship was with Luis Videgeray, the Mexican foreign secretary, helped propel those talks to fruition.

Auto exports from Canada to the United States are to be capped at 2.6 million vehicles, if Trump imposes global tariffs on cars on national security grounds.

Despite the fact that Ottawa had long pushed back hard against allowing the deal to be periodically revisited, officials in the USA briefing said the new language includes a provision that will indeed see the deal reviewed every six years.

For me, anything above 1.2850 is a good spot to sell because the pair's likely to fall further if a deal gets done.

Initial reports indicate that the revised agreement will allow the USA greater access to Canada's dairy market and addresses Canadian concerns about potential auto tariffs, sources told CNN.


Trump said he would sign the final agreement in late November, in about 60 days, and the pact is expected to be signed by Trudeau and by Mexico's Pena Nieto who leaves office December 1.

"Specifically, we will seek clarity on how the agreement addresses the existing tariffs on Canadian steel and aluminium, as well as how it will ensure that tariffs and quotas upon Canada's auto sector exports will be avoided", Beatty said in a statement. "Versus a very unpredictable and protectionist USA administration, I think Canada did as well as it could".

The new trade deal bears a lot of similarities to NAFTA, but there are major differences as well.

Trump hasn't made his disdain for NAFTA a secret, calling it the "worst trade deal ever made" and a job-killing "disaster" for the United States.

"For those babies out there who keep talking about tariffs", this deal would not have happened without tariffs, Trump told reporters during a almost 80-minute event in the White House Rose Garden. USA dairy farmers will receive additional access to the Canadian market.

Canada has long held high tariffs on most dairy products, leading to higher prices than in the USA, while Trump has argued that the USA industry should be able to sell more products to its northern neighbour. Canada is by far the No. 1 destination for US exports, and the USA market accounts for 75 percent of what Canada sells overseas.

For Canada, this was a hill to die on - as it was for former prime minister Brian Mulroney during the original 1988 Canada-U.S. free trade deal - because, Trudeau argued, there needs to be some rules for settling disputes when dealing with the current U.S. president.

But Canada has been obliged to make concessions, in particular allowing U.S. dairy farmers access to about 3.5 percent of its $16 billion (13.8€ billion) domestic market. "The new name will be The United States Mexico Canada Agreement, or USMCA", Trump wrote.

Recommended:

  • Micronesia air crash turns fatal as passenger's body found: airline

    Micronesia air crash turns fatal as passenger's body found: airline

    Air Niugini said in a statement that as of Saturday afternoon, it was unable to account for a male passenger. It is not the first time a plane has overshot the runway in the Micronesia area.
    Europe Risks Angering US by Establishing Financial Mechanism with Iran

    Europe Risks Angering US by Establishing Financial Mechanism with Iran

    German Foreign Minister Heiko Maas told reporters there was "strong unity" with Iran on minimising the impact of U.S. sanctions. The drastic difference between those two figures represents the impact of US President Donald Trump's policies towards Iran.
    This photo from the Kavanaugh hearing is 'one for the history books'

    This photo from the Kavanaugh hearing is 'one for the history books'

    Susan Collins of ME , a key undecided Republican, told reporters she will be "glued to the television" during Thursday's hearing. Under Mitchell's leadership, the Maricopa County Attorney's Office was honored for creating a sexual assault backlog program.
  • Pep Guardiola says Leroy Sane needs to stay focused

    Pep Guardiola says Leroy Sane needs to stay focused

    It looks like the 30-year-old will be fit to line up against Hoffenheim tomorrow, with City confirming he will fly to Germany with the others.
    How the FBI will investigate the allegations against Brett Kavanaugh

    How the FBI will investigate the allegations against Brett Kavanaugh

    The one week delay is to enable the FBI to investigate Ford's allegations. "I hoped that would help provide leverage", Flake said. On Friday afternoon, the Senate Judiciary Committee voted 11-10 to advance Kavanaugh's nomination to the full Senate, though Sen.
    Oil price rises as markets tighten ahead of Iran sanctions

    Oil price rises as markets tighten ahead of Iran sanctions

    Interested in Oil technicals? Saudi Arabia's oil minister Khalid al Falih said that "I can not speak to prices because I do not directly influence prices".
  • Some ‘care more than others’ about Man Utd crisis - Mourinho

    Some ‘care more than others’ about Man Utd crisis - Mourinho

    Nemanja Matic insists the players have not deserted Jose Mourinho as the Manchester United manager battles to save his job. Saturday's 3-1 defeat to West Ham United further compounded matters for the under pressure Portuguese manager.
    Passenger jet crashes into water in Micronesia

    Passenger jet crashes into water in Micronesia

    A cargo plane belonging to Air Niugini went off a runway at Madang Airport in 2013, but there were no casualties. A passenger jet has landed in the ocean after overshooting the runway in the Federated States of Micronesia.
    Bills stun Vikings 27-6 in rookie Allen's 1st road start

    Bills stun Vikings 27-6 in rookie Allen's 1st road start

    In the first half Sunday, the Vikings lost cornerback Trae Waynes and tackle Rashod Hill to ankle injuries. Allen dived to finish a 10-yard run by beating Anthony Barr to the pylon to finish the game's first drive.
  • Tesla shares soar after Musk gets ousted as chairman

    Tesla shares soar after Musk gets ousted as chairman

    He accepted the deal with the SEC "without admitting or denying the allegations of the complaint", according to a court document. Tesla is due to appoint two new independent directors, with the board expected to oversee Musk's communications with investors.

    Waco wave pool closes after surfer dies from 'brain-eating amoeba'

    The organizations statistics indicate that since 1962 there have been 143 confirmed cases, of which only four people survived. Three of those survivors were treated with drug therapy, but in Stabile's case it was too late to administer the medication.
    Fortnite Season 6 Patch Notes Reveal 'Darkness Rises' Theme, Invisibility, and Pets

    Fortnite Season 6 Patch Notes Reveal 'Darkness Rises' Theme, Invisibility, and Pets

    Uncover what's in the new Battle Pass, explore an updated island with Pets, and become one with the shadows with a new consumable. And in areas where the cube has been, you'll find new Shadow Stones that make you invisible and allow you to walk through walls.


Popular

Cristiano Ronaldo's lawyers threaten lawsuit over 'illegal' report
Ronaldo allegedly offered her some athletic shorts and a T-shirt and directed her towards his bathroom where she could change. He has been named player of the year five times and recently completed a €100m (£89m) transfer to Juventus from Real Madrid .

Kavanaugh’s interruptions of Democratic senators in hearing draw ire and support
Ford had repeatedly asked for an FBI investigation during her testimony, which only Democrats on the committee then supported. The White House confirmed that Trump watched the testimony aboard Air Force One as he returned to Washington from NY .

The Fed raises interest rates by a quarter percentage point
The measures have disrupted supply chains and caused retaliation against USA exports in the economies of the nations affected. The Fed said it expects the GDP to fall to 2.5 percent next year, to 2 percent in 2020 and 1.8 percent in 2021.

Jurgen Klopp explains why he substituted Mohamed Salah in Chelsea clash
Daniel Sturridge has scored within three minutes of coming off the bench to earn Liverpool a late 1-1 draw against former club Chelsea at Stamford Bridge.

I'm open to meeting with Maduro at United Nations , if he wants
But he said his country would not give up its political or ideological philosophy under pressure. As a backdrop to the diplomatic maneuvering were rumbles of even more dramatic action.

Why Tesla Stock Was Slammed Friday
Gordon Johnson, an analyst at Vertical Group who has been predicting a collapse in Tesla's shares for months, is less optimistic. The company may need to find more than US$1-billion to repay convertible debts that come due in the next few months.

Jose Mourinho Odds On To Leave Manchester United Before Paul Pogba
Senior squad members like Ashley Young and Nemanja Matic have distanced themselves from Pogba and so too, surprisingly, has Romelu Lukaku.

NFL's Everson Griffen Escaped from Ambulance Before Mental Health Evaluation
He claimed to know the person who was filling up gas in his truck, though the man later told police he did not know Griffen. Bank Stadium because of a knee injury and did not attend the game because of what the team called a personal issue.

Wolves Continue To Seek Return For Jimmy Butler Beyond What Teams Offering
Sources: Miami has been the most engaged team with Minnesota on a Jimmy Butler trade. According to ESPN, he wants a five-year and $190-million extension with a new team.

PNC Financial now part of Ripple money transfer network
The company has struck deals with various high-profile financial institutions, including Santander and American Express. But, one concern in regards to the short-term price trend of cryptocurrencies is the low volume of Bitcoin .