Published: Sat, October 06, 2018
Markets | By Noel Gibbs

Donald Trump savours trade deal with Canada and Mexico

Donald Trump savours trade deal with Canada and Mexico

"We also need to pursue new free trade agreements with other nations and resolve our trade conflicts with China". That the old deal resulted in outsourcing is unquestioned. The United States had forged a separate trade deal with Mexico, the third member of NAFTA, in August.

Its benefits were economically questionable, but politically it was unsustainable.

"Many investors are betting there's room for a market friendly compromise after the USA midterm elections in early November when the Chinese will have an incentive to deal to avoid the 25% tariff rate that kicks in on $200 billion in Chinese exports on January 1, 2019", wrote Alec Young, managing director of global markets research for FTSE Russell, in a report.

De Minimis: this is a term that represents the amount of goods a person can bring across the border without being hit by duties.The basic exemption when crossing the border in person will increase to $40 of us goods up from the current $20.

It covers a wide range of areas with major concessions by USA trading partners including on enforceability, automobiles, agriculture, intellectual property, manufacturing, currency and labor, all of which put America first.

"This impinges on Canadian sovereignty - the USA gets to tell us who we can enter into a free trade agreement with". Think of how significant that is.

The Dairy Farmers of Canada warned that giving United States farmers an additional 3.59 percent slice of the $16 billion Canadian milk and cheese market would have a "dramatic impact" on the sector. "This is not appropriate for a trade agreement".

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In a joint statement, U.S. and Canada said USMCA would "result in freer markets, fairer trade and robust economic growth in our region". US stocks climbed on Monday toward records, while the Canadian dollar and the Mexican peso gained. Now those industries harmed by this practice will have an avenue for redress when it comes to trade disputes.

The agreement will extend patents on biologic drugs, which includes the Crohn's disease medication Humira, from eight to 10 years. Meanwhile, Canada and Mexico tend to be more focused on consumer protections.

For Trump, the agreement offered vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation.

The USMCA drew praise from the left and the right.

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.

In regards to China, Trump said the USA could "go $267 billion more" when it comes to tariffs on products.

He added that Trump "can now go off and deal with China and deal with other people he wants to have trade wars with, and we are out of his gun sights for the time being".

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But that distance may be bridgeable. I believe in fair trade. It must still win approval from the US Congress, which is unlikely to happen until next year.

Thomas J. Gibson, president and CEO of the American Iron and Steel Institute (AISI), Washington, offered his statement in reaction to the announcement of USMCA.

And Trump brings this mindset to domestic policy as well. The labor concessions alone from Mexico could make it hard for organized labor to mount fierce opposition, but we'll see.

America's trading partners began to buckle under the pressure.

At the end of the day, if it's a better deal, it's a better deal.

Trump also took aim at China, the president's main adversary on trade. Now, with the USMCA and the new U.S.

Is this a good deal or a bad deal for Canada?

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The Trump administration set Sunday as a deadline for Canada to strike a deal. "Just for those babies out there that talk about tariffs".

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