Trump hails new trilateral trade deal with Canada, Mexico

Trump hails new trilateral trade deal with Canada, Mexico

Trump hails new trilateral trade deal with Canada, Mexico

The breakthrough deal reached Sunday night, that U.S. President Donald Trump said he plans to call the United States Mexico Canada Agreement, exempts a percentage of eligible auto exports from tariffs, one of the biggest wins in the new deal, said David Adams, president of Global Automakers of Canada.

President Trump is touting his administration's new trade deal with Canada and Mexico, calling it a new dawn for the American worker.

According to the dairy industry, the net effect of the increased American allotment will be to allow tens of thousands of tonnes of USA dairy products on Canadian store shelves, at the expense of shelf space now given to Canadian-made items.

A protectionist policy under the Mr Trump has seen the United States forge ahead with individual trade deals, rejecting bigger multi-lateral trade agreements and posing a challenge to decades of global free trade.

Trump: "This new deal will be the most modern, up-to-date and balanced trade agreement in the history of our country". (Note that experts say NAFTA both cost and created jobs.) So this new pact counts as a victory for Trump now that he's been able to alter the original agreement and get Mexico and Canada on board for a new deal.

"I hope what they did in the renegotiated agreement is to make sure that the labor and wage standards in Mexico are lifted so that the playing field is more even now", Castro said.

And he cheered the fact it will give American farmers and dairy producers greater access to markets in Canada and Mexico, protect auto manufacturing jobs and encourage innovation on US soil.

He said the new deal treats American workers with "fairness and reciprocity", unlike NAFTA, which he again described as the worst deal ever agreed to by the United States.

"It is a good night for Mexico, and for North America", Mexican Foreign Minister Luis Videgaray tweeted.

Trump campaigned in OH during the 2016 presidential race advocating for a renegotiated NAFTA deal.

The measures will have a "dramatic impact" on dairy farmers and cause the industry to shrink, said Pierre Lampron, president of Dairy Farmers Canada, in a statement. President Trump weighed in on the name during a Monday press conference, saying, "It has a good ring to it".

Canadian Prime Minister Justin Trudeau said his country was in a more stable place now that it had completed the negotiations.

The new agreement was reached before Sunday's midnight deadline and will incorporate the United States' trade deal with Mexico that was reached in August. This is slightly above the 3.25% market access Canada would have given the USA as part of the Trans-Pacific Partnership, which Trump pulled the U.S. out of a year ago.

With the new deal, Canada will increase market access for US dairy, poultry, and eggs. However, tariffs on auto exports appear to have been avoided, with Canada agreeing to a cap.

"On the question of visas, we have retained existing NAFTA language on that, but not gone beyond it", said a senior administration official. Just six days ago he said he didn't think Canada was negotiating fairly.

Hundreds of pages of the agreement released early on Monday contain updated arrangements for Canada's dairy industry and measures aimed at shifting lower-paid auto manufacturing jobs from Mexico. "By doing so, it is slowly bleeding Canada's dairy sector".

US officials, in recent weeks, had been adamant that the text for a new deal - whether it would only be with Mexico or also include Canada - to be released by September 30 to meet congressional notification requirements and to allow outgoing Mexican President Pena Nieto to be able to sign the deal before he is succeeded by Andres Manuel Lopez Obrador, a left-wing populist.

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