Published: Fri, October 05, 2018
Markets | By Noel Gibbs

Nafta's China Clause Is Latest Blow to Trudeau's Asia Ambitions

Nafta's China Clause Is Latest Blow to Trudeau's Asia Ambitions

President Trump on Monday announced a hard-fought trade pact with Canada and Mexico meant to replace the North American Free Trade Agreement, saying the deal would bring a "new dawn" for American auto workers.

After more than a year of hard negotiations, the agreement - now including Mexico and Canada - will be sent to Congress Monday.

Negotiators worked frantically ahead of a midnight USA -imposed deadline to settle differences, with both sides making concessions to seal the deal.

"I look forward to reviewing this deal to confirm it meets the high standards of Trade Promotion Authority", he said in a statement.

Gordon said there could be a slight increase in market access to Canada for US dairy products, and the removal of that nation's Class 7 system pricing could lessen impact on the USA and world markets. "A shipment from the dairy plant in Garden City arrived in Kansas City to head to China and was canceled".

For instance, according to an article by the Council on Foreign Relations, "China's domestic market is rigged against fair competition in a way that is unique among the world's biggest economies".

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The end of the trade war isn't the only good thing to come out of the new NAFTA agreement. We are hopeful that the USMCA will ensure continued market access as well as increase trade with both Canada and Mexico.

The deal also raised the percentage of automobiles that must be made in North America in order to enter the US duty-free and raised the bar for respect of USA intellectual property, Marshall said.

What is the status of Canada's ability to negotiate future trade agreements with other countries? Above that level, US dairy farmers will still face Canada's punishing tariffs.

Dias said the new trade deal solidifies the auto footprint and ensures that jobs don't continue to bleed and go to Mexico. "We are only waiting for an understanding between the United States and Canada and we hope that understanding will happen so that it's a trilateral agreement". "This is a four-dimensional game of chess; it's not checkers".

As the president of the BC Dairy Association, he immediately started worrying about how the 40 farms on Vancouver Island and 500 in B.C. would weather the deal that Donald Trump immediately began praising as one of his best negotiations ever.

Kudlow said that the USMCA - in addition to new trade talks with the European Union and Japan - gives the USA a stronger hand to play in looming trade negotiations with China.

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He says Canada will work to protect local industries from US producers flooding the market with steel and aluminum.

While the fine-print details have yet to be analyzed fully, it appears that Canada emerged with dispute-resolution provisions largely intact, avoided a draconian sunset clause, maintained an exemption for cultural industries and allowed only a modest erosion of the supply management system.

NAFTA, the North American Free Trade Agreement, has always been a punching bag for the Trump administration; during his campaign, Trump declared it "the worst deal the United States ever signed".

Trudeau has said the government plans to compensate farmers for any hit they incur from the market opening up.

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

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