Manitoba dairy farmers concerned over NAFTA replacement deal
02 October, 2018, 17:41
"It's a good day for Canada", Prime Minister Justin Trudeau told reporters after a late-night cabinet meeting to discuss the agreement, which triggered a jump in global financial markets.
That new trade pact has been named the U.S. -Mexico-Canada agreement, or USMCA, which President Trump says is the biggest in American history.
Trump's tariffs, imposed under national security concerns via Section 232 of the Trade Expansion Act, have been met with retaliatory tariffs from Mexico and Canada, which will likely remain in place on select American industries such as agriculture, until the situation changes.
Farmers in the United States would also gain greater access to Canada's dairy market through the deal.
"Though markets were already anticipating an agreement, one source of worry will be swept away if a deal is made", Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo, said.
"We celebrate a trilateral deal".
The United States "finally came to their senses" and created an environment conducive to reaching an agreement with Canada, said Jerry Dias, head of the major Canadian union Unifor, a key player in the negotiation drama.
USA administration officials said the deal provides increased access to Canada's dairy market for US producers and limits the American impact of Canada's controversial supply management system for dairy and poultry products.
The Trump administration had threatened to proceed with a Mexico-only trade pact as US talks with Canada foundered.
Canada has made a last-minute decision to rejoin what had been the North American Free Trade Agreement, which will now be called USMCA.
"Any trade agreement proposal must be judged by whether it improves the wages, working conditions and well-being of America's workers and farmers", House Democratic Leader Nancy Pelosi said in a statement. If Democratic candidates pick up enough seats in November's midterm elections, Trump could order a withdrawal from NAFTA when he submits the implementing legislation for the deal, forcing lawmakers' hands.
Mulroney, who negotiated the original NAFTA, said he had not yet studied the full text.
Canadian consumers might see a little more choice in the dairy aisles under the new USMCA trade pact.
President Trump is making good on his campaign pledge to renegotiate NAFTA. To ensure Canadian dairy farmers don't go bankrupt, the Canadian government restricts how much dairy can be produced in the country (and how much foreign dairy can enter) to keep milk prices high.
The joint US-Canada statement did not include details of the revised terms. The quota would allow for some growth in tariff-free automotive exports from Canada above current production levels, the source said.
With the new deal, Canada will increase market access for US dairy, poultry, and eggs.
He won a big concession by persuading Ottawa to take steps to open up its highly protected dairy industry - which has long blocked USA competition with import quotas and tariffs as high as 300 percent.
On Monday, Trump tweeted a congratulatory message to Mexico and Canada.
"I think it's going to pass with a substantial majority", predicts U.S. Trade Representative Robert Lighthizer.
USA drug companies will also now be able to sell products in Canada for 10 years before facing competition from generics, up from eight years.
"That tells me that there's an agreement that works for all of us, and so, to me, that's what we wanted all along", Perez said.
Vancouver Island dairy farmers are dismayed that Canada is giving up a chunk of its dairy-market share to American competitors.
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