KXIP vs KKR Live Score

Prime Minister Justin Trudeau has praised the USMCA, the new trade deal Canada has signed with the US and Mexico.

Chevrolet Equinox SUVs are parked awaiting shipment by CN Rail next to the General Motors Co (GM) CAMI assembly plant in Ingersoll, Ontario, Canada October 13, 2017.

The U.S. and Canada reached a deal to replace the North American Free Trade Agreement, signed a quarter-century ago, with a new pact that the Trump administration says is easier to enforce.

"What that side letter does is it gives us some comfort that in the, I believe, frankly, unlikely event that the USA were to impose 232 tariffs on cars and auto parts, we would have a huge part, actually well over our current level of trade with the USA, [that] would be guaranteed not to be exposed to those". The quotas are significantly above existing production volumes in each country, allowing for some export growth.

President Donald Trump, who blamed NAFTA for the exodus of manufacturing jobs, had threatened to splinter NAFTA unless major changes were made.

The deal is a reworking of the 1994 North American Free Trade Agreement (Nafta), which underpins $1.2 trillion in trade between the three countries.

Trudeau, meanwhile, said he was "disappointed" that Trump had imposed tariffs on steel and aluminum.

The $1.2tn (£920bn) open-trade zone had been on the verge of collapse after 24 years - with Canada facing the prospect of being left out of a deal between the United States and Mexico.

The agreement also exempts tariffs on 2.6 million cars.

US First Lady Melania Trump concludes two-day visit to Kenya
Soon she was petting and stroking the elephants, smiling and laughing and having a good time. "It is a attractive thing to see". Quickly, people across the globe slammed her because the hat was similar to the one used by colonial masters in Kenya.

"We had to make compromises, and some were more hard than others", he said.

Moving to patch up a relationship badly strained by the fractious trade talks, the two leaders predicted the accord would "create jobs and grow the middle class, enhance North American competitiveness, and provide stability, predictability, and prosperity to the region". The Dairy Farmers of Canada immediately panned the move, saying it would have "a dramatic impact not only for dairy farmers but for the whole sector".

"Today, the message sent to our passionate, proud and quality-conscious farmers and all the people who work in the dairy sector is clear: they are nothing more than a bargaining chip to satisfy President Trump", added Mr. Lampron.

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.

"It takes a cloud and lifts it off the Canadian economy", said Bruce Heyman, the former US ambassador to Canada. "They promised Canadian farmers they wouldn't be impacted, of course, they are being impacted, so the first thing they do is open up the taps with tax dollars to compensate farmers". Mexico and the United States reached a bilateral trade deal at the end of August.

"I think it's going to pass with a substantial majority", predicts U.S. Trade Representative Robert Lighthizer.

Trump said his recent steel and aluminum tariffs as well as threats of tariffs on imported cars were a key reason the three countries were able to come to an agreement on an update to NAFTA that Trump is calling the US-Mexico-Canada Agreement.

Details on the deal remained sparse, but USA administration officials say it provides increased access to Canada's dairy market for US producers and limits the American impact of Canada's controversial supply management system for dairy and poultry products. "That includes Congress. 'Oh please don't charge tariffs.' Without tariffs, we wouldn't be standing here".


COMMENTS