Canada has signed on to an agreement that will preserve the Canada-Mexico-US trade pact. The agreement will allow greater U.S. access to Canada’s dairy market and addresses Canadian concerns about potential auto tariffs.
The deal will not be called NAFTA, and has instead been dubbed the United States-Mexico-Canada Agreement (USMCA).
In a joint statement, Canada and the United States said it would “result in freer markets, fairer trade and robust economic growth in our region”.
The other nations of the world call U.S. tariffs protectionism but refuse to say the same about their tariffs.
11TH HOUR AGREEMENT
The NY Times reports the 11th hour agreement was reached after “a frenetic Sunday, with Canada’s leaders teleconferencing throughout the day with top American officials in Washington. Mr. Trudeau convened a 10 p.m. cabinet meeting in Ottawa to brief officials on the deal, as Jared Kushner and Robert E. Lighthizer, the President’s top trade negotiator, hashed out the final details.”
The President accepted a deal with Mexico last month. According to the NYTimes.com, “Canada will ease protections on its dairy market and provide access that is similar to what the United States would have gained through the Trans-Pacific Partnership, a trade treaty that President Trump withdrew from last year.”
And we don’t have to be part of the TPP which greatly limited freedom. The deal was written by special interests.
The U.S. will relent on demands to eliminate an independent tariff dispute settlement system that Canada has said is a red line in its negotiations.
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This is a big win for the President, but anti-Trumpers like Brian Krassenstein say it’s exactly like the last NAFTA and TPP although the media has not seen the deal, including him.
Reuters reports:
In a big victory for his agenda to shake-up an era of global free trade that many associate with the signing of NAFTA in 1994, President Donald Trump coerced Canada and Mexico to accept more restrictive commerce with their main export partner.
Trump’s primary objective in reworking NAFTA was to bring down U.S. trade deficits, a goal he has also pursued with China, by imposing hundreds of billions of dollars in tariffs on imported goods from the Asian giant.
While the new United States-Mexico-Canada Agreement (USMCA) avoids tariffs, it will make it harder for global auto makers to build cars cheaply in Mexico and is aimed at bringing more jobs into the United States…
In a collection of three tweets, the president wrote the following last night:
Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United States Mexico Canada Agreement, or USMCA. 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 U.S. and will bring all three Great Nations together in competition with the rest of the world. The USMCA is a historic transaction!
Congratulations to Mexico and Canada!
Canada, US confirm new deal with Mexico updating NAFTA https://t.co/Q2XYG8ZNLq pic.twitter.com/ekU6WFBJGl
— Fox News (@FoxNews) October 1, 2018
CHINA IS SHOWIN SIGNS OF GIVING IN
The trade war with China is beginning to hurt China.
They appear to be willing to cut import tariffs on textile products and metals, including steel products to 8.4 percent from 11.5 percent beginning November 1, according to the finance ministry on Sunday, Reuters reported.
Import tariffs on wood and paper products, minerals and gemstones will be cut to 5.4 percent from 6.6 percent, the ministry said.
Average import tariffs on over fifteen hundred products will be lowered to 7.8 percent from 10.5 percent, according to the ministry.
In July, China reduced import tariffs on a number of consumer products, including apparel, cosmetics, home appliances, and fitness products to help open their markets.
The overall tariff level will be reduced to 7.5 percent in 2018 from 9.8 percent in 2017 as a result.
The big issue with China is they are stealing U.S. intellectual property and won’t even admit it much less do something about it. It’s about time we took them on. We’ve been saps.
.@GordonGChang on China trade war: “This could go on for a very long time, we’re even talking decades.” pic.twitter.com/jSx4XCtfo3
— FOX Business (@FoxBusiness) September 27, 2018
Past presidents just let it go on.
wpDiscuz
