Tentative USMCA deal ends auto tariff threats as steel, aluminum levies remain

But it keeps a NAFTA dispute-resolution process that the US wanted to jettison and offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States.

In fact, the US has always been a manufacturing powerhouse and by some projections - before the current deal - expected to be No. 1 in 2020. He's kind of trying to bring organized labor on board, which is sort of ironic for a Republican president.

Here's a look at who's smiling - and who's not - as the world sees this news.

Still, the steel and aluminum industries remain on the sidelines, even as tariffs erode sales and disrupt supply chains.

Canada will also give the US more access to its supply-managed dairy system, which controls output by matching production with demand through quotas and import tariffs.

President Donald Trump reportedly accepted the new deal while Canadian Prime Minister Justin Trudeau held a late-night meeting with his Cabinet in Ottawa. USMCA also stipulates that Mexico must make it easier for workers to form unions. But it's not the final step in the lengthy path to congressional approval on an issue that has served for two decades as a political football for USA industrial policy and the loss of manufacturing jobs. It's possible this could accelerate automation, but that would take time.

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Canada and the U.S. have reached a last-minute free trade deal to revamp the long-standing NAFTA pact between the two countries and Mexico.

"The Canadian dairy market will now be filled by surplus milk", from the U.S., Wiens said by telephone. "It's a big win for the USA and well, for Canada, it's a loss".

The new trade deal bears a lot of similarities to NAFTA, but there are major differences as well.

"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.

Dan Ujczo, a trade lawyer with Dickinson Wright, tells the Post, "the heavy lift is going to be getting a trade deal through the next Congress in 2019 as well as ratification by Mexico's new Congress and in Canada during federal election year". The investor-state dispute-settlement system, which allows investors to bring grievances against member-country governments, will be phased out for the U.S. and Canada, while certain industries such as energy will be able to bring cases against Mexico.

Review clause: The USMCA includes a 16-year expiration date and a provision that requires a review of the deal every six years, when it can be extended. It's possible this could stall some of Mexico's manufacturing growth, and it's unclear whether wages really will rise in Mexico because of this agreement. Big energy companies can also still challenge Mexico via Chapter 11, something that could constrain Mexico's new government as it aims to reform energy policies. Canada would be allowed to ship 2.6 million cars to the United States without tariffs, well above the 1.8 million it sent previous year, and send $32.4 billion worth of parts without getting hit by tariffs. It remains to be seen how auto companies are able to adjust and whether this has long-term ramifications for their bottom lines.

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