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 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.



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