BONOKOSKI: New NAFTA deal spills some milk, stiffs Canada on tariffs

Trump had blamed NAFTA for the loss of American manufacturing jobs and wanted major changes to the pact which underpins $1.2 trillion in annual trade

President Trump formally announced a new trade deal with Mexico and Canada Monday morning.

But he stressed the government is committed to compensating them for any financial hit.

"If I tell you that you are going to lose some of your business, you do not want to wait five years to find out what you are going to have as compensation to be able to manage your finances and knowing where you are investing", Bachand said.

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.

The United States-Mexico-Canada Agreement, or USMCA, as it relates to Canada is largely identical to the North American Free Trade Agreement that it would replace, but includes provisions for the auto and dairy industries.

But, beyond dairy, Canada also got stiffed by acquiescing to Trump's refusal to lift the tariffs on Canadian steel and aluminum.

David Taylor, chairman of the board of the B.C. Dairy Association and B.C.'s representative with the Dairy Farmers of Canada, said when he heard the news, he was angry and disappointed. Trump said he spoke to Trudeau by phone and told reporters that their recent tensions didn't affect the deal-making.

That's the same approach it took with CETA, the trade deal granting greater market access to European dairy producers.

Known as the U.S-Mexico-Canada Agreement, the new pact, completed on Sunday, will protect biologic drugs from generic competition for at least 10 years in all three countries, compared to the current protection of eight years in Canada and five years in Mexico.

More news: Nobel Prize in Medicine Awarded for New Weapon Against Cancer

That money comes in the form of grants to farms to update their equipment. "Kansas has over 100,000 NAFTA-reliant jobs, and we export nearly three to four times more to Canada or Mexico than to China". This will let him turn his sights away from steadfast USA allies and towards significant rule-breakers like China.

Every time there is a trade deal, "we've lost", Groenendijk said.

"This landmark agreement will send cash and jobs pouring into the United States and into North America", predicted Trump.

Canada, the United States' No. 2 trading partner, is by far the No. 1 destination for US exports, and the USA market accounts for 75 percent of what Canada sells overseas. Trump is all about branding, declaring previous deals to be bad, and then claiming to make them better (whether he does or not).

At issue for him was the 3.59 per cent of the market share that was given up and the changes made to Class 7.

Auto sector: Canada has agreed to a maximum number of vehicles that can be produced in Canada (2.6 million) and be exported to the United States without duty.

Trump, as well as American farmers, have always been furious about this, despite the fact that Canada imports far more American milk than the U.S. imports Canadian milk; the USA has a trade surplus of about $400 million in dairy.

Flanked by Cabinet members, Trump said the pact is the "most important deal we've ever made by far", covering $1.2 trillion in trade.

Related News:



Most liked

Prithvi Shaw becomes Indias youngest debut century-maker
In the process, Shaw also became the second youngest Indian to score a maiden Test ton after the legendary Sachin Tendulkar . Rahane, too, lacked the ease with which Shaw batted earlier in the day, and fell on 41 to Roston Chase in the last hour.

SaskMilk raises concerns over new trade deal
With so many dairy companies and fruit growers in the area we looked into what kind of impact this new deal could cause for them. Previously, Canadians buying online from the USA could only purchase up to $20-Cdn. worth before having to pay import duty.

Yankees set HR record, beat Red Sox 8-5 for 100th win
Thanks to their 107-plus wins, the Red Sox have easily locked up home field advantage throughout the entire month of October. But by his own home run ball? "I just told him what I saw a year ago ", Cora said, as transcribed by the Boston Herald .

US and China May Resume Trade Talks in December
President Donald Trump said last week during his explosive news conference on the margins of the UN General Assembly in NY . This will create high-quality jobs and strictly enforce the rule of origin requirement, he added.

Tom Hardy brings out Marvel's darker side in new movie 'Venom'
Part of me wonders if that's going to be how general audiences react, or if they'll buy into what Tom Hardy and Venom are selling. Cape Town - Tom Hardy says the film industry is "superhero-movie heavy" after starring in upcoming Marvel release Venom .

The Los Angeles Dodgers will win the NL Pennant - here’s why
Enrique Hernandez also had three hits for the Dodgers , who finished the regular season with 13 wins in their last 17 games. Manny Machado , Matt Kemp and Max Muncy all joined the hit parade as Los Angeles left nothing to chance in Game No. 162.

Carlo Ancelotti 'surprised' with referee selection for Reds game
I was lucky at PSV that I could play with him because I see his development as a player. "That's the goal for us". The first difference is up front with Arkadiusz Milik, not Dries Mertens, partnering Lorenzo Insigne in attack .

Brewers' National League Division Series game times announced
After Freeland frustrated so many Cubs hitters, the next cycle Maddon buys from his brother should be on the house. On this crisp night in Chicago , it was impossible to tell that one of them hadn't been in this spot before.

North Korea may have up to 60 nuclear weapons, South Korea says
In 2015, two South Korean soldiers were maimed by what Seoul said was a North Korean landmine, an accusation the North denied. Moon, a liberal who aspires to improve ties with North Korea, is a driving force behind U.S. -North Korean nuclear diplomacy.

Seahawks edge Arizona on Sebastian Janikowski's 52-yard field goal
While Carroll is in no way defending the contract standoff; he is defending Thomas for being angry. Several players and coaches have expressed how much Thomas will be missed.

Cardi B charged with assault, endangerment over strip-club brawl
She received a desk appearance ticket, meaning she was released and will be ordered to appear before authorities at a later date. Her punishment does not include any jail time. "We're aware of no evidence that she caused anybody any harm on that night".

Canadian Dairy Farmers Aren't Happy With U.S. Trade Deal. Here's Why
Political deadlines are often fuzzy but Canada and the USA appear to be working towards some major compromises and a NAFTA deal. The discussions with India on a trade deal is at an "early" stage, the top White House official said.

Hurricane Rosa off Mexico could bring rip currents to San Diego
Swells generated by the hurricane were also expected to produce life-threatening surf and rip currents off Southern California. The North Rim could see up to 6 inches.

Caroline Wozniacki, Angelique Kerber both upset at Wuhan Open
Local favourite Wang dominated the match from the start, drawing cheers from spectators as she racked up her 14th straight win. Wang, in contrast, was ruthless, recording six breaks of serve to triumph as she punished her opponent's 37 unforced errors.

Canada and United States agree last-minute trade deal
The Trump administration plans to send the new deal to Congress, starting a 60-day review period before Trump can sign it. Keeping chapter 19 will not affect Washington's enforcement of anti-dumping and anti-subsidy laws, said a US official.