US, Mexico, Canada agree on new free trade pact

Trump and Trudeau agree on a revised NAFTA deal

The US and Canada were still able to agree on an updated version of the North American Free Trade Agreement, a trilateral trade deal among the US, Canada, and Mexico, on Sunday.

On Sunday night, the United States and Canada reached a last-minute deal regarding the North American Free Trade Agreement, keeping the agreement alive, but rebranding it the "United States-Mexico-Canada Agreement" or "USMCA".

A day after announcing to the world that he has reached a new trade deal with neighbouring Mexico and Canada, US President Donald Trump said he is now working on trade agreements with China, Japan and the European Union.

One key difference: the USCMA would allow USA dairy farmers more access to the Canadian market, particularly with milk powder.

He said the protections for Canadian dairy were necessary because otherwise Canada might've backed out of the deal.

In 2017, the Department of Commerce published a report that concluded that China was a non-market economy.

So the nuclear option was deployed: telling the president about Freeland and reminding him about the summer G7 meetings in Quebec, where Trudeau's closing news conference so agitated Trump that he used his Twitter feed to attack the prime minister from the confines of an airborne Air Force One. Canadian protections for its dairy industry had been a long-standing sore spot for President Trump.

"NAFTA created a somewhat free trade zone, where the USMCA creates a true free trade zone in North America, other than specific products", said Matt Will, associate professor of Finance at the University of Indianapolis, talking to our partners at Inside Indiana Business.

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Kudlow, director of the National Economic Council, said at a securities industry conference in Washington that no formal plans have been made to resume talks, but said USA officials are ready to negotiate as long as the conversations are serious, The Wall Street Journal reported.

"We would have moved forward with just Mexico", Marshall said. Experts doubt the new auto rules and the revised trade pact overall will have a significant bearing on the trade balance.

Trump said "there should be no trouble" getting the deal approved by Congress, but added that there could be problems if Democrats gain control of the House or the Senate in the November elections.

Mexican officials have said they hope the steel and aluminum dispute can be resolved before USMCA is signed.

Democrats were more circumspect.

"The negotiation will not be reopened with the United States". "But in terms of rights and obligations, it doesn't impose any obligation on Canada not to negotiate an agreement with anybody".

"They haven't been given the sound bites, I guess, but you had some Democrats say this is really awesome if he really got all of that".

The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from United States anti-dumping tariffs, U.S. and Canadian officials said.

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