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Donald Trump speaks on new NAFTA

Donald Trump speaks on new NAFTA

Speaking to reporters in Ottawa, Trudeau says the revamped NAFTA deal - renamed the United States-Mexico-Canada Agreement - is successful in maintaining fairness and balance between Canada and the USA, a trading partner 10 times its size.

The deal, announced on September 30, is a reworking of the 1994 North American Free Trade Agreement, which underpins $1.2 trillion in trade between the three countries.

"Things started to change when the United States understood that we weren't moving on the dispute mechanism, Canada's cultural exemption needed to be in place, we weren't going to bend on the auto industry", he said today on Parliament Hill.

"It'll probably or possibly be just USM".

Trump also heralded the agreement in a series of Monday morning tweets.

It follows months of friction over the deal between President Trump and Canadian Prime Minister Justin Trudeau. Canadian sources said the Canadian government was prepared to offer compensation to dairy farmers hurt by the deal. "Class 7 milk pricing in Canada caused problems for US manufacturers in two different ways", said Eric Meyer, the president of HighGround Dairy in Chicago.

Commitment to not mess with currency levels: While the US, Mexico, and Canada do not actively intervene to strengthen or weaken their currencies, the pact to "achieve and maintain a market-determined exchange rate regime" could be a model for future agreements with countries that are more active in currency markets.

Text of the agreement was expected to be presented to Congress as early as Sunday evening.

The 11th-hour agreement was punctuated by a frenetic Sunday, with Canada's leaders teleconferencing throughout the day with top USA officials in Washington. Kushner played a similar role with Mexico - in that case, his close relationship was with Luis Videgeray, the Mexican foreign secretary, helped propel those talks to fruition.

Trump on Monday morning called it a "great deal", tweeting that it "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".

Fishermen Run From Tsunami Waves That Strike Donggala, Indonesia
The tsunami was triggered by a 7.5-magnitude natural disaster that struck along the coastal district of Donggala on Friday. Indonesia's Metro TV broadcast aerial footage from a coastal community in Donggala, close to the epicentre of the quake.

"We will continue to engage with USA and Canadian officials to seek a resolution of the tariffs on aluminum prior to final approval of the new agreement", Rio said in a statement. Trump had described NAFTA as a bad deal for Americans and promised to eliminate it as part of his "America First" agenda.

Trump said the deal will give USA farmers greater access to export wheat, poultry, eggs and dairy, while also turning North America into a "manufacturing powerhouse" and ensuring higher wages for auto workers.

From a Mexican perspective, the agreement will allow outgoing President Enrique Peña Nieto to sign the agreement before he leaves office on December 1 and will allow incoming President Andrés Manuel López Obrador to start his six-year term with a fixed framework for economic relations with a northern neighbor that buys 80 percent of its exports.

But the president said his administration had not yet agreed to lift tariffs on steel and aluminum imports from Canada, a contentious issue between the two neighbors. "I think Justin's a good person who's doing a good job".

So much American trade depends on the 1994 deal that USA financial markets were jittery about a possible collapse of negotiations - and because Mr. Trump made campaign promises to get rid of NAFTA. But the agreement will now push Canada's current copyright terms, which stood at 50 years past the author's life, to 70 years so that it can fall in line with US protections.

Canada, buoyed by a last-minute continental trade deal it sealed with the United States and Mexico, is pressing Washington to remove steel and aluminum tariffs, senior Canadian officials said on Monday.

It was unclear, however, whether Trump had authority from Congress to pursue a revamped NAFTA with only Mexico, and some lawmakers said they wouldn't go along with a deal that left out Canada.

"I plan to sign the agreement by the end of November". Canada is by far the No. 1 destination for US exports, and the USA market accounts for 75 percent of what Canada sells overseas.

Dairy Farmers of Canada issued a terse statement nearly immediately after the 11th-hour agreement was announced late Sunday, following 14 months of hard negotiations between the parties. "That's the motherlode, that's the big one", the president threatened, as he slammed the state of negotiations and Canadians trade negotiators.


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