Trump praises 'incredible' new trade deal with Mexico and Canada

Prime Minister Justin Trudeau had made clear he felt the tariffs should be removed before the new United States-Mexico-Canada Agreement could be signed, but President Donald Trump's administration has refused to act for now.

"This is a situation where President Trump took away some of the concessions that were granted under the original NAFTA", she said.

"It'll probably or possibly be just USM".

But the biggest relief was knowing the auto tariffs suggested by Trump wouldn't materialize, said Baskin.

Word of an agreement followed an emergency cabinet meeting called by Canadian Prime Minister Justin Trudeau at 10:00 pm (0200 GMT) - two hours ahead of a Washington-imposed midnight deadline for getting the text of a revised agreement to the United States Congress. "And by the way, whether or not Canada has supply management needs to be a decision for Canada and Canadians and not for any other country, so we were clear about that". "We continue to call for a full exemption for Canada and our fair trading partners", spokeswoman Monica Orbe said in an emailed statement.

A similar agreement between Mexico and the USA preserves duty-free access to the US market for vehicles that comply with the agreement's rules of origin.

"We had to make compromises, and some were more hard than others", he said. 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. But it keeps a NAFTA dispute-resolution process that the US wanted to jettison and offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States.

Canadian sources say the deal will preserve a trade dispute settlement mechanism, to protect its lumber industry and other sectors from U.S. anti-dumping tariffs.

Jean Simard, who speaks for three large aluminum producers in Canada - Alcoa Canada Ltd., Rio Tinto Alcan Inc. and Aluminerie Alouette Inc. - said industry representatives will be working alongside their US counterparts to demand exemptions from the tariffs.

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.

With limited details on what USMCA entails, the Times reports that with the new agreement, Canada's dairy management system will ease its protections, allowing the USA more access to Canada's dairy products.

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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 outgoing Mexican President Enrique Pena Nieto before he leaves office December 1.

He said the new deal was "much more reciprocal" than Nafta, which he blamed for the loss of one in four jobs in the auto industry and 4.1 million manufacturing jobs.

As for what led the U.S.

Canada's ambassador to Washington says the US and Canada have made a lot of progress in free trade talks but there is no deal.

During the 1992 presidential campaign, independent candidate Ross Perot famously predicted a "giant sucking sound" as NAFTA pulled USA factory jobs into Mexico.

U.S. Trade Representative Robert Lighthizer and White House adviser Jared Kushner have been updating Trump throughout Sunday on the talks, a U.S. source said.

Trump said he plans to sign the new agreement by end of November.

Meantime, congratulations were being offered among key stakeholders who have been on the edge of their seats waiting to see if Canada and the United States would find common ground.

Canada, the United States' No. 2 trading partner, was left out when the US and Mexico reached an agreement last month. President Trump has long denounced NAFTA, so despite the fact the same countries are involved, the name, too, has changed.

President Trump, however, says he is not hopeful the next deal will be approved by Congress in the next year, saying 2020 election politics could hold up passage.

(Copyright © 2015. All Rights Reserved.)
 
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