Trump's NAFTA Replacement Largely Maintains the Status Quo on Free Trade

02 October, 2018, 10:27 | Author: Roderick Gutierrez
  • It’s a good day for Canada,’’ Canadian Prime Minister Justin Trudeau said late Sunday

President Trump formally announced a new trade deal with Mexico and Canada Monday morning.

Mexico agreed to a revamped NAFTA last month, triggering weeks of hectic bargaining with the U.S.to try to bring Canada into the agreement, as President Donald Trump and other administration officials threatened to go it alone with Mexico if Canada did not make "concessions".

Additionally, while speaking to reporters, Trump said that USMCA, which "has a good ring to it", is about fairness and reciprocity. "Today, I have kept that promise". This update to the rules of origin will provide greater incentives to source goods and materials in North America.

Trump acknowledged the importance of relations with Beijing, especially in talks with North Korea, and left the door open to negotiations at some point.

Trump said nobody wants to talk about the jobs created and nobody wants to talk about all the money that's flowing into the coffers of the United States of America, he said.

Foreign Affairs Minister Chrystia Freeland and United States Trade Representative Robert Lighthizer, in January, during the sixth round of negotiations for the USMCA.

US President Donald Trump on Monday escalated ongoing trade tensions with India, calling the country a "tariff king" for the first time and accusing it of slapping levies as high as 100%.

At a White House press conference, Trump said the treatment of Kavanaugh and his family by media and Democrats was "not describable".

And if the president insists on imposing higher tariffs on foreign made cars, watch Asian and European auto makers. That represented a huge risk for a slew of different industries and interest groups. "The deal includes a substantial increase in our farmers' opportunities to export American wheat, poultry, eggs and dairy, including milk, butter, cheese, yogurt and ice cream, to name a few". And consumers have benefited from reduced prices.


"USMCA is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our farmers and manufacturers, reduces trade barriers to the US and will bring all three Great Nations together in competition with the rest of the world".

Still, while the new deal keeps the heart of NAFTA in place, the USMCA does include a long list of changes that will affect several different sectors.

On Saturday, Trump had said that India wants to have a trade deal with the U.S. because it does not want him to impose tariffs on their products. Chip Roh, deputy chief negotiator for the US during the original NAFTA negotiation, said Lighthizer has "given labour unions and progressives a lot of the things that at least they think are very important".

Other trading partners had been tough on the U.S., he said, including the European Union, which introduced retaliatory tariffs on USA goods in June.

Trump accused Japan, China, the European Union and other trading partners of taking advantage of the United States through trade he sees as neither fair nor reciprocal to his country.

But achieving the same success elsewhere will be easier said than done.

A Canadian official confirmed late Sunday night that there had been an agreement, subject to final approvals. "This is a great step forward for our relationship with Mexico and Canada".

The chair of the Dairy Farmers of Manitoba and vice president of the Dairy Farmers of Canada, David Wiens, is disappointed with a new trade agreement between the United States, Mexico and Canada.

Recommended:



Popular

Cardi B surrenders to police after strip-club brawl
Cardi B , wearing a voluminous red Dolce & Gabanna gown, was seen leaving the party with what appeared to be a bump on her head. However, Cardi's camp say the incident was not premeditated but popped off after someone threw a drink into the crowd.

Trump hails 'most important ever' US-Canada-Mexico trade pact
Canada is by far the No. 1 destination for US exports, and the USA market accounts for 75 percent of what Canada sells overseas . Trump had said he wanted to go ahead with a revamped NAFTA - with or without Canada . "It'll probably or possibly be just USM".

Washington braced for battle as Federal Bureau of Investigation contacts Kavanaugh witnesses
Flake may want the most serious allegations against the nominee thoroughly investigated - but probably not the less serious ones. Judge has been interviewed by the Federal Bureau of Investigation but his interview has not been completed".

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.

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.

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.

Raj Kapoor's wife Krishna dies
Tragically, Rishi Kapoor , who recently left for the USA for a medical treatment, couldn't be part of his mother's final journey. A video from the last rites show Taimur Ali Khan's grandmother making her way out of the house with Kareena by her side.

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.

Brett Kavanaugh: allegations of misconduct continue to mount
In the document, Swetnick said she attended numerous house parties "between 1981-1893 where Kavanaugh and Judge were present". Julie Swetnick said in her first interview that she doesn't think Brett Kavanaugh should be on the Supreme Court.

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.