US and China May Resume Trade Talks in December

039;We’ve been able to come to an agreement that creates more stability and a greater level of confidence in the business community confidence in making investments in Canada and as well investments in the other North American economies,' Financ

The new United States-Mexico-Canada Agreement (USMCA) gives the United States the power to pull the plug on the agreement if Canada strikes a free trade deal with a non-market country.

While expected, maintaining the status quo is important for provinces like Nova Scotia which exported $955 million worth of seafood to the United States previous year, according to provincial figures.

USMCA will benefit the United States in numerable areas, and the new agreement will undergo a review process every six years, expiring after 16 years.

Canada will still impose tariffs on USA dairy products exceeding the quota, but changes should give US dairy farmers more access to Canada and other foreign markets.

The USMCA would mandate that 75% of each vehicle be produced in the U.S., Mexico, or Canada in order to avoid tariffs. "That's the motherlode, that's the big one", U.S. President Donald Trump said last week during his explosive news conference on the margins of the UN General Assembly in NY.

This article of the agreement also defines a "non-market" country as "a country that on the date of signature of this agreement at least one Party has determined to be a non-market economy for purposes of its trade remedy laws and is a country with which no Party has a free trade agreement".

President Trump has long threatened to pull the United States from NAFTA.

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Will said IN will also have advantages IN industry because the deal bans other countries from giving money to industries so they can compete against America. The U.S., Canada and Mexico were part of that Pacific Rim accord.

US-Canada talks bogged down earlier this month, and most trade analysts expected the September 30 deadline to come and go without Canada being reinstated.

Energy and equipment manufacturing industry representatives are applauding a new trade agreement announced by the White House on October 1.

The deal still needs to be approved by Congress and by the legislatures of Canada and Mexico, but the president predicted it would get enough support to pass.

But Canada also had to agree to offer more access to its highly protected dairy market, which infuriated the influential farming lobby. "Getting closer to having good trade relations is important, even though this agreement doesn't touch the steel and aluminum agreements". Canada also agreed to open up some of its dairy market to USA producers. "But in terms of rights and obligations, it doesn't impose any obligation on Canada not to negotiate an agreement with anybody".

The concessions are in theory a problem for Trudeau, whose ruling Liberals say they need to pick up seats in Quebec in an election set for October 2019 if he is to retain power.

The new trade deal would also raise the percentage of each auto that must be made in North America in order to be sold in the market. This will create high-quality jobs and strictly enforce the rule of origin requirement, he added.

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