NAFTA REBOOT FOR DUMMIES: How does new trade impact Canadians?

NAFTA REBOOT FOR DUMMIES: How does new trade impact Canadians?

NAFTA REBOOT FOR DUMMIES: How does new trade impact Canadians?

The official says the agreement preserves a NAFTA dispute-resolution process that the US wanted to jettison.

The flags of Canada, Mexico and the USA are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City on March 5.

The rewrite "will result in freer markets, fairer trade and robust economic growth in our region", according to a joint statement from US Trade Representative Robert Lighthizer and Canada's Foreign Affairs Minister Chrystia Freeland.

NAFTA had three kinds of dispute settlement systems.

He added: "Congratulations to Mexico and Canada!"

He also said that Mexico and Canada have agreed to labor, intellectual property and environmental provisions in the new agreement.

Flanked by Cabinet members on a sunny morning at the White House, Trump said the pact was the "most important deal we've ever made by far", covering $1.2 trillion in trade. A similar agreement between Mexico and the US preserves duty-free access to the USA market for vehicles that comply with the agreement's rules of origin. The two US neighbors account for a combined one third of USA food and agriculture exports and imports.

It said the measures will have "a dramatic impact not only for dairy farmers but for the whole sector".

Trump threatened to go ahead with a revamped NAFTA, with or without Canada. "So if you comply with the rules of origin, there's no way you are subject to 232 tariffs", Ujczo said. "The practical consequences are limited, if any". One of the officials said the discussions between Canada and the USA were ongoing, but progress was being made.

"The amount that's coming in will be small enough that it won't fundamentally change the structure of the industry in Canada, and we may see consumer prices for processed products go down a little bit, but it's not going to be a sea change", he said in a Skype interview from his Winnipeg office.

"This administration is committed to strong and effective enforcement of this agreement, just like all of our other agreements. The U.S. can damage Canada without hurting themselves very badly".

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Not too long ago Trump was flinging insults at Trudeau over Twitter, taunting him as "very dishonest & weak" and "meek and mild" in June as he left a G-7 summit in Canada that the prime minister had hosted.

Canada gave up some access to its dairy, egg and poultry industries but will keep its agricultural supply management system and avoid punishing auto tariffs under the new deal.

He said he hopes the aluminum and steel tariffs can be resolved shortly, but that the manufacturing industry didn't lose anything in the new deal.

"It's a great win for the president and a validation of his strategy in the area of worldwide trade".

Despite progress made to overhaul NAFTA, Trump still faces several other trade disputes around the world, not least with China, where the president has slapped a tariff on $200bn on Chinese imports.

Dairy Farmers of Canada issued a terse statement nearly immediately after the 11th-hour agreement was announced late Sunday, following 14 months of hard negotiations between the parties. "The new name will be The United States Mexico Canada Agreement, or USMCA", Trump wrote.

Among the tough issues that needed to be hashed out between Ottawa and Washington were access to Canada's dairy sector, tariffs and a dispute resolution mechanism that the U.S. wanted to scrap.

The president of the Canadian Chamber of Commerce, Perrin Beatty, congratulated the Canadian negotiators in a statement "for delivering an agreement. and for doing so under extraordinarily challenging conditions". But President Perrin Beatty said the details of the text needed a closer look before a final verdict could be rendered.

The new agreement does not resolve the 25 percent tariff on Canadian steel imports that Trump imposed earlier this year.

The agreement is still awaiting ratification in all three countries, but for consumers in B.C. we'll soon see some changes to where we can buy USA wine, in USA dairy-product selection and duty-free limits.

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.

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