Dairy industry to benefit from new trade agreement

Dairy industry to benefit from new trade agreement

"WCIT is encouraged that the administration has struck a deal with Canada and Mexico to revise the NAFTA".

The U.S. and Canada reached an agreement on a new trade deal late Sunday after months of often testy back-and-forth between President Donald Trump and Canadian Prime Minister Justin Trudeau.

That is good news and bad news for the global economy. "I have never seen anything like that in a trade agreement".

No, with Mueller circling and Kavanaugh circling the bowl, Trump needed a victory ahead of the upcoming midterm elections; his entire #MAGA schtick is predicated on winning. "Why did the Liberal (Party) give the go-ahead for the U.S.to pull us into their trade wars?" With the home front secure, Washington can more readily proceed with its trade wars overseas. For another, 2.6 million passenger vehicles from Canada and Mexico each would be exempt from tariffs of up to 25 per cent that he has been threatening to impose on imported cars, trucks and auto parts.

Dairy lobbyists and farmers have condemned that, arguing it takes shelf space away from Canadian products and will have a financial impact on domestic farmers.

However, Mexico and Canada will be forced to follow America's copyright regulations.

USA administration officials said the deal provides increased access to Canada's dairy market for US producers and limits the American impact of Canada's controversial supply management system for dairy and poultry products.

A spokesperson for National Bank of Canada - a major lender to the agricultural sector - said that "while we expect an impact" from the new trade agreement, the bank believes clients will adapt and doesn't expect "any noticeable impact" on its loan book. In the end, Canada and the USA overcame their differences after both sides conceded some ground, hailing an agreement that covers a region of 500 million residents and conducts about $1 trillion in trade a year.

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For Trump, the agreement offered vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation.

United States stock index futures rose, with S&P 500 Index e-mini futures up more than 0.5 percent, suggesting the benchmark index would open near a record on Monday. However, the deal needs Congressional approval.

NAFTA remade the North American auto market.

There are no plans for negotiations between China and the U.S., although the president's chief economic adviser, Larry Kudlow, said Trump could meet China's President Xi Jinping at a summit in Argentina in November. Nicknamed the "Trump veto" by some Canadian politicians, Clause 32 Section 10 allows signatories to pull out of the USMCA if one country pursues a separate free trade agreement with a "nonmarket country" - a thinly veiled warning, in other words, against any side deals with China. The United States remains our most important trading partner, and will be for the foreseeable future.

"We recognize the symbolism of the gesture of Prime Minister Trudeau in offering to meet with our industry to hear our concerns firsthand", he said in a statement.

In 2017, the Department of Commerce published a report that concluded that China was a non-market economy. But a campaign of name and shame hasn't worked, and it is time for a firmer approach.

Ottawa joined the USMCA Sunday evening, just hours before a US -imposed deadline.

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