Carmakers relieved as United States reaches trade deal with Canada

The deal, reached late Sunday, will govern $1.2 trillion United States in trade, making it the biggest agreement in the country's history, and marks the end of an era during which the usa has been "treated so badly" on trade by other countries around the world, the president said.

It replaces the 24-year-old North American Free Trade Agreement, of NAFTA, which President Donald Trump had called a job-killing disaster.

Canadian dairy farmers surrendered about 1.5 per cent of domestic market access through the Comprehensive Economic Trade Agreement between Canada and the European Union, 3.25 per cent when the 12-nation Trans-Pacific Partnership was finalized and now about 3.6 per cent in the USMCA.

Freeland told reporters Monday that as she had predicted there had been "dramatic moments" during the talks but it had been important not to get overtaken by them and to remain focused.

Canadian dairy farmers immediately panned the renegotiated deal, saying it will undercut the industry by limiting exports and opening up the market to more American products.

While New Delhi threatened tariff hikes on 29 American products worth $10.6 billion as early as August, Prime Minister Narendra Modi's government reportedly chose to postpone the retaliatory measures pending negotiations with U.S. officials, who are seeking to reduce its $31-billion deficit with India.

The new deal, once ratified, will make it easier for the enter Canada's restrictive dairy market, in which USA imports are discouraged through supply management practices like high tariffs.

Canadian Prime Minister Justin Trudeau said the trade deal was "profoundly beneficial" to Canadians.

Referring to his trade war with China, Trump told reporters at a White House news conference that China wanted to talk to the USA very badly, but he was not ready yet.

Canada, US make progress in bid to save NAFTA, no deal yet
After three-way talks stalled this summer, the USA and Mexico last month announced they had reached a separate deal. One big uncertain question for USA and foreign automakers is whether US tariffs on Canadian steel will be lifted.

A US official quoted by Reuters said the aim was for the agreement to be signed by the end of November before being submitted to the US Congress for approval. "We fail to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood". "I don't want them to have a hard time", Trump said.

Chapter 19 allows Canada, Mexico and the United States to challenge each other's anti-dumping and countervailing duties in front of a panel of representatives from each country. It's less severe than the US's original demand for a sunset clause, which would have forced each side to recertify the deal every five years to keep it in effect.

American negotiators say they got a major victory by forcing Canada to eliminate the pricing scheme for so-called "Class 7" dairy products.

In addition, the two countries agreed to shield Canada from automobile tariffs imposed by the U.S. "I have spoken to Prime Minister (Narendra) Modi and he is going to reduce them substantially", he said.

"It's not great news", said Miles Prodan, president and chief executive officer of the B.C. Wine Institute.

The Trump administration had threatened to proceed with a Mexico-only trade pact as USA talks with Canada foundered.

Several rounds of discussions have taken place, with the United States pressing India to lift trade barriers, especially on medical devices and poultry, holding up an American trade promotion programme of zero-import duties for developing nations, of which India has been the largest beneficiary.

"Enough discussion about NAFTA and what the Americans want and don't want", he said. "The U.S. can damage Canada without hurting themselves very badly".

That financial impact will also be sharply felt in Oxford and Perth counties, where, as part of Ontario's biggest dairy belt, farmers produce more milk than some provinces. "China trade talks as well". Voters in Quebec, home to 354,000 dairy cows - the most of any province - head to the polls for provincial elections Monday, which cast a shadow over the last-minute negotiations.

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