Monday, 22 October, 2018


Reactions to USMCA trade deal criticize Trudeau government's concessions

Duty free limit rises to $150 for cross border shoppers under new trade deal USMCA may be boon for online shoppers, trouble for some retailers: experts
Conrad Doyle | 02 October, 2018, 04:44

On Sunday, it was announced that the parties had reached a new deal, which is now being referred to as the U.S. -Mexico-Canada Agreement - or USMCA.

Dairy cows are seen on a farm in Saint-Valerien-de-Milton, southeast of Montreal, Quebec, Canada, August 30, 2018.

"It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduce Trade Barriers to the US and will bring all three Great Nations closer together in competition with the rest of the world", Trump said.

Trump's advisers view the trade pact as a political victor in Midwest battleground states critical to the president's 2016 victory and home to tens of thousands of auto workers and manufacturers who could benefit from the changes.

And he cheered the fact it will give American farmers and dairy producers greater access to markets in Canada and Mexico, protect auto manufacturing jobs and encourage innovation on US soil.

The three countries came to the final deal, which Trump called the "most modern, up-to-date and balanced trade agreement" in US history, late on Sunday.

President Trump and Canadian Prime Minister Justin Trudeau shake hands during a meeting in the Oval Office in February.

Trump threatened to go ahead with a revamped NAFTA, with or without Canada.

Trump, flanked by trade ambassador Robert Lighthizer, adviser and son-in-law Jared Kushner and a who's who of his inner circle, called the new agreement the most important trade deal the USA has ever made. The new terms, Trump said, will transform the U.S.

The US and Canada were under pressure to reach a deal by the end of the day Sunday, when the US must make public the full text of the agreement with Mexico.

"We will continue to engage with USA and Canadian officials to seek a resolution of the tariffs on aluminum prior to final approval of the new agreement", Rio said in a statement.

But it came at a cost.

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.

Rather, the new agreement is being widely described as a "NAFTA-minus": a regime not as free as NAFTA had been, particularly in the automotive sector, but still very much in the interests of all three countries - and definitely better than no deal.

"We fail to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood".

"It appears Canadian steel and aluminum workers are among those being sacrificed in the concessions made by the Liberal government in this deal", he said in a statement.

"This has happened, despite assurances that our government would not sign a bad deal for Canadians". Canada will be allowed to export as many as 2.6 million autos before any US tariffs on foreign cars kick in - effectively an exemption. Canada would be allowed to ship 2.6 million cars to the United States without tariffs, well above the 1.8 million it sent a year ago, and send $32.4 billion worth of parts without getting hit by tariffs. It is also well above the 1.8 million cars and SUVs Mexico sent north past year.

Canadian steel. Trump's tariffs on Canadian steel and aluminum remain in place for now, something Trudeau has called "insulting" since the two countries are longtime allies with similar labor standards. Mexico's incoming foreign relations secretary, Marcelo Ebrard, said some new regulations may pose challenges for companies to adapt to.

The news delighted financial markets that had fretted for months about the potential economic damage if NAFTA blew up.

"We had to make compromises, and some were more hard than others", he said.

The Canadian dollar surged to its highest since May against the US dollar, gaining around 0.5 percent.

While Peter Navarro, the director of the White House National Trade Council, said the new deal means that "NAFTA is dead", the USMCA still retains large swaths of the original deal.

Recommended

loading...
...

Some iPhone XS and XS Max devices have an annoying charging problem Some iPhone XS and XS Max devices have an annoying charging problem If you bought an iPhone XS Max though, you're nearly certainly happy with your purchase even if you had an iPhone X past year . Apart from the charging issues, some Apple users have said that they are experiencing Wi-Fi and LTE connectivity issues.

What is the impact of the Facebook hack on you? What is the impact of the Facebook hack on you? The hackers have also tried accessing profile information like name, gender, location and photos from the compromised accounts. It's also not yet clear who is behind the attack on Facebook, or whether the attacks were targeted, and the reason behind it.

Cardi B turns herself into police after 'ordering strip club attack' Cardi B turns herself into police after 'ordering strip club attack' Cardi B , wearing a voluminous red Dolce & Gabanna gown, was seen leaving the party with what appeared to be a bump on her head. She was later released with a "desk appearance ticket" to return to face the charges at a later, as-yet-unspecified court date.

U.S. federal government sues California after it signs net neutrality law U.S.  federal government sues California after it signs net neutrality law They argued that it was unrealistic to expect them to comply with internet regulations that differ from state to state. Jerry Browns , but the Justice Department quickly filed a lawsuit to block its implementation.

Elon Musk Reportedly Says Tesla Is Close to Achieving Profitability Elon Musk Reportedly Says Tesla Is Close to Achieving Profitability Tesla itself has also been slapped with a $20 million fine by the SEC , making Musk's tweet one of the most expensive in history. Musk is giving up the chairperson's role under a settlement announced Saturday with the Securities and Exchange Commission.

Tiebreakers have been perilous for Dodgers Tiebreakers have been perilous for Dodgers The Rockies will throw German Marquez on the hill, who at 23-years-old is about seven months younger than Buehler. The victor of the NL West tiebreaker will play the Braves in the NLDS and host Game 1 on Thursday.

Graham Slams Dems, Vows to Get to Bottom of FBI Probe Graham Slams Dems, Vows to Get to Bottom of FBI Probe Flake also said on Friday that the delay in voting shouldn't last more than one week. Graham told Kavanaugh: "She's as much of a victim as you are".

United Respond To Speculation About Zidane United Respond To Speculation About Zidane We're the ones who go on the pitch", said Shaw . "I understand your frustrations", Mata wrote, the heavy heart nearly palpable. Striker Marko Arnautovic then put the game to bed three minutes later, sealing the win for his team.

UC Berkeley research led to Nobel Prize-winning immunotherapy UC Berkeley research led to Nobel Prize-winning immunotherapy Today, immunotherapies based on Allison and Honjo's research work especially well for fighting advanced and aggressive tumors. The peace prize will be announced on Friday, and the economics prize will wrap up the Nobel season on Monday, October 8.

Tesla shares spike after Elon Musk settles with SEC Tesla shares spike after Elon Musk settles with SEC The settlement doesn't resolve investors' lawsuits, which were significantly strengthened by the SEC's complaint. But its shares have been hit hard since the SEC filed the lawsuit.

Raj Kapoor`s wife Krishna Raj Kapoor dies at 88 Raj Kapoor`s wife Krishna Raj Kapoor dies at 88 Bollywood's first family, the Kapoors bid a final farewell to Krishna Raj Kapoor who died on Monday of a cardiac arrest. Krishna Raj Kapoor was married to Raj Kapoor and they have five children, three sons and two daughters.

Canada and USA agree last-minute trade deal Canada and USA  agree last-minute trade deal Sources tell The Canadian Press an 11th-hour NAFTA deal has been reached that allows Canada to rejoin the trilateral trade pact. The US and Canada came to an agreement Sunday to tweak key pieces of the North American Free Trade Agreement , known as NAFTA.

Game time announced, TV channel for NL Central's tiebreaker game Game time announced, TV channel for NL Central's tiebreaker game The Chicago Cubs have clinched their fourth straight postseason berth, getting into the playoffs when Milwaukee beat St. The Rockies will counter with German Marquez (14-10, 3.76 ERA), who struck out eight straight to begin his last start.

Earthquake and tsunami death toll rises in Indonesia Earthquake and tsunami death toll rises in Indonesia Many have spent the last days desperately searching for loved ones while dealing with the trauma of the disaster. Save The Children program director Tom Howells said access was a "huge issue" hampering relief efforts.

FBI Contacts Second Accuser In Brett Kavanaugh Investigation FBI Contacts Second Accuser In Brett Kavanaugh Investigation In a statement issued by the White House on Friday, Kavanaugh said he will continue cooperating with the confirmation process. Kavanaugh, making an appearance before the same Senate committee after Ford, denied the allegations.