Canada, buoyed by trade deal, to push US on metal tariffs

Canada, buoyed by trade deal, to push US on metal tariffs

The world has taken a step back from a damaging global trade war, after Canada and the United States reached a deal on reforming the North American Free Trade Agreement (NAFTA).

On the campaign trail, Donald Trump harshly criticized free trade deals, threatening to withdraw the US from the Trans-Pacific Partnership as well as the North American Free Trade Agreement, which he called "the worst trade deal". The US had also sought increased American content for duty-free autos.

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. That agreement included a dozen nations in the Americas, Southeast Asia, Japan and Australia, reducing trade barriers and increasing environmental and labor standards.

In the new USMCA, while Canada was able to keep its ISP liability framework (which Canadian copyright expert Michael Geist calls an "easy giveaway for US negotiators"), Canada must now extend its copyright term to the life of the author plus 70 years.

A high-ranking team of Canadian officials, including Canadian PM Justin Trudeau, Canada's Ambassador to Washington David MacNaughton, and Foreign Affairs Minister Chrystia Freeland, were thrashing out the details of the deal via video conference with Washington over the weekend.

US stock index futures also rose, with S&P 500 Index e-mini futures rising by more than 0.5 percent, suggesting the benchmark index would open near a record on Monday. "The USMCA is a historic transaction!" "Canada trade relationship could prompt businesses to put more investment dollars to work and will support exports". I'm talking about everybody.

Talks on the metal tariffs will begin this week, Juan Pablo Castanon, head of the Mexican business chamber known as CCE, told reporters Monday on a conference call.

Trump has repeatedly threatened to slap hefty tariffs on auto and vehicle parts coming from overseas into the United States.

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He also called out Brazil, Latin America's biggest country, as a chief offender, "a beauty".

In all three countries, the new USMCA trade pact must be ratified by lawmakers.

The old NAFTA's so-called Chapter 19 dispute-settlement mechanism - which hears bi-national anti-dumping and countervailing duties cases - remains untouched in the new agreement, the officials said.

Administration officials anticipate a fierce political battle to win congressional approval, especially if Democrats regain control of the House of Representatives in November.

Discussions between the United States and Canada had stalled amid souring relations between Trudeau and Trump, who lashed out at Canada last week during the United Nations General Assembly meeting for mistreating the United States on trade. Trudeau said it made no sense to sign on to a new NAFTA only to be hit by new tariffs, and is seeking safeguards.

In Canada, the signing of the deal will take place before the House of Commons goes on winter break.

Foreign Affairs Minister Chrystia Freeland said that there is now "momentum" and "we are definitely looking to take advantage of that momentum to intensify conversations about steel and aluminum". United States law requires the White House to submit the text to Congress 60 days before signing. The agreement opens the door for one party (Washington) to influence trade talks another party (Ottawa, Mexico City) have with a "non-market economy", such as China.

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