Friday, 19 October, 2018


Supply managed farmers to get compensation as a result of trade deal

Combined-Total-Monthly-US-NatGas-Exports-vs-Imports-from-Canada-and-Mexico-20181001 Canada and US agree last-minute trade deal
Conrad Doyle | 06 October, 2018, 03:42

The new deal reached just before the midnight deadline imposed by the USA, will be called the United States-Mexico-Canada Agreement, or USMCA. That the old deal resulted in outsourcing is unquestioned.

He tweeted: "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, reduces trade barriers to the USA and will bring all three great nations together in competition with the rest of the world".

Its benefits were economically questionable, but politically it was unsustainable.

Freeland also touched on U.S. President Donald Trump's apparent dislike of her, something thrust into the open recently when Trump told reporters in New York: "We're very unhappy with the negotiations and the negotiating style of Canada". The trilateral agreement covers US$1-trillion in trade, including agricultural products, intellectual property and online-consumer purchases.

A "non-market country" in this case is one that either Canada, Mexico, or the US does not have a free trade agreement with, and has been determined to have a non-market economy.

She said the insertion of a minimum wage level for vehicle parts workers could lead to similar clauses in other trade deals: "If it turns out to be very politically popular in the United States it could [be used again]". Think of how significant that is.

"The Canadian dairy market will now be filled by surplus milk", from the U.S., David Wiens, vice-president of the Dairy Farmers of Canada, told Bloomberg.

Shares of GE jumped 7% following the news that Flannery, who had only been CEO since August 2017, is being replaced by Larry Culp, a former head of industrial conglomerate Danaher.

In a joint statement, United States and Canada said USMCA would "result in freer markets, fairer trade and robust economic growth in our region".

Reports of a deal caused a jump in the Canadian dollar on early Asian trading with the loonie up 0.7 percent from its Friday close at $1.2814. Now those industries harmed by this practice will have an avenue for redress when it comes to trade disputes.

Celeste Drake, a trade policy specialist at the AFL-CIO labor federation, criticized the provision for restricting future action by USA lawmakers, and for impeding Mexico's and Canada's health-care systems.

The USMCA drew praise from the left and the right.

Canadian experts have expressed criticism on Thursday of the U.S. -Mexico-Canada (USMCA) trade agreement negotiated by the government of Prime Minister Justin Trudeau.

As talks came down to the wire, Lighthizer encountered resistance on Capitol Hill to approving a deal that didn't include Canada.

The president has adopted an "America First" policy and launched a trade war against China, as well as imposed tariffs on steel and aluminium imports from Mexico and Canada. Certainly those concerns remain, especially among those who feel, as many Trump supporters do in the USA, that big multilateral trade deals have disrupted and displaced too much of the old employment order.

Morneau says that's slightly higher than the 3.25 per cent that was agreed to under another deal - the Comprehensive and Progressive Agreement for Trans Pacific Partnership - with 10 countries including Mexico, Japan and Australia.

But that distance may be bridgeable.

"I've always felt that this would be a trade coalition of the willing ... to send a message to China that they've got to shape up and start behaving like a citizen in the new world of trading", Kudlow said.

Other trading partners had been tough on the U.S., he said, including the European Union, which introduced retaliatory tariffs on USA goods in June.

Which is all fair game.

The reactions, however, illustrate Trump's accomplishment, potentially bringing on board both the business and labor communities.

"Today, the message sent to our passionate, proud and quality-conscious farmers and all the people who work in the dairy sector is clear: they are nothing more than a bargaining chip to satisfy President Trump", added Mr. Lampron. The labor concessions alone from Mexico could make it hard for organized labor to mount fierce opposition, but we'll see.

At the end of the day, if it's a better deal, it's a better deal.

Time will tell to what extent the USMCA helps USA workers and boosts our economy.

He said the country's economic future is further solidified with a $40-billion liquefied natural gas deal announced Tuesday by five companies that will build the project in northern British Columbia. "Just for those babies out there that talk about tariffs". "Like me, many of my colleagues did not support the deal originally". It turns out that using tariffs strategically and threatening to leave trade deals like NAFTA gave the USA exactly what Trump promised we would have if he were elected: Leverage. His column, reprinted with permission, originally appeared on The Daily Torch.

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